S&P cuts Turkish Airlines certificates

S&P said it lowered the 2015-1 enhanced equipment trust certificates of Turk Hava Yollari AO (Turkish Airlines) to B+(sf) from BB-(sf).

“Our downgrade reflects lowered aircraft collateral values for Turkish Airlines' 2015-1 EETCs. The collateral securing the 2015-1 EETC series is composed of three widebody B777-300ER aircraft with an average age of about six years. The aircraft values have been declining since the start of the pandemic, largely due to the sharp reduction in global passenger air travel which is slow to recover, particularly on international routes where most widebody aircraft are used,” the agency said in a press release.

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