Fitch trims Turkish Airlines EETC

Fitch Ratings said it downgraded Bosphorus Pass-Through Trust 2015-1A class A certificates' long-term rating to BB- from BB. Simultaneously, the agency revised Turk Hava Yollari Anonim Ortakligi's (THY) outlook to negative from stable while affirming the Turkish airline's long-term foreign- and local-currency issuer default ratings at B.

“The downgrade of Bosphorus rating follows the downgrade of Turkey's LTFC IDR and country ceiling to B as it is constrained two notches above Turkey’s country ceiling under Fitch's non-financial corporates exceeding the country ceiling rating criteria.

“The revision of outlook on THY's IDRs reflects our view that further deterioration in Turkey's sovereign credit profile may lead to a downgrade of THY's IDRs given its ownership structure,” Fitch said in a press release.

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