S&P Global has upgraded Turkish Airlines' credit rating to B+, up from B, and assigned a positive outlook on May 14, 2024. The rating reflects the credit rating agency raising its unsolicited long-term sovereign credit ratings on Turkiye to B+ from B on May 3, 2024. With Turkish Airlines being a government-related entity, the rating action on the airline was ""triggered solely by our action rating on the sovereign"", S&P said in an update.
The agency said it maintains its assessment of Turkish Airlines' standalone credit profile at bb. ""Our sovereign rating on Turkiye caps our rating on Turkish Airlines,"" S&P said in a statement. ""This is because we view Turkish Airlines as a GRE without sufficient protection from extraordinary negative government intervention. Most importantly, the airline has a strong link with the Turkish government.""
S&P upgrades Turkish Airlines to B+
