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Fitch rates Turkish Airlines B
Fitch Ratings said it published Turk Hava Yollari Anonim Ortakligi's (Turkish Airlines) long-term foreign- and local-currency issuer default ratings of B. The outlook is negative.
“The ratings are constrained by high leverage and uncertain recovery from the coronavirus pandemic. We see further downside risk to industry-wide demand recovery and international travel restrictions due to the pandemic, which may delay deleveraging to levels that are commensurate with the rating to beyond 2023. This is reflected in the negative outlook,” Fitch said in a press release.
Positively, the ratings are supported by a diversified route network, strong position on the domestic market, highly competitive cost base and a viable and cash flow-accretive growth strategy, the agency said.
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