Moody’s changes Turkish Airlines to stable

Moody's Investors Service said it changed the outlook on Turk Hava Yollari Anonim Ortakligi (Turkish Airlines) to stable from negative and affirmed the Ba3 corporate family rating and Ba3-PD probability of default rating.

The agency also changed the outlook on Turkish Airlines' enhanced equipment trust certificates (EETCs) to stable from negative and affirmed the ratings.

"The decision to change the outlook to stable reflects the visible recovery in passenger demand in the Turkish market since June 2017, resulting in Turkish Airlines reporting a strong set of third quarter earnings and improved credit metrics," Moody's vice president, senior analyst Rehan Akbar said in a news release.

"Proactive capacity management and cost saving measures undertaken since late 2016 have also positively contributed to the airline's financial performance."

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