|
International rating agencies Moody's and S&P have for the first time assigned Turkish Airlines the public corporate ratings of Ba1 and BB+ respectively, the airline said Friday.
"Our decision to assign a Ba1 CFR (Corporate Family Rating) to Turkish Airlines balances the company's healthy financial profile and role as the national carrier against the execution risks associated with its high-growth strategy," Rehan Akbar, an analyst at Moody's corporate finance group and lead analyst for Turkish Airlines, said.
Moody's said in a statement on its website that Turkish Airlines' healthy financial profile was underpinned by its low-cost structure and historical above peer-average profitability metrics.
"The airline has a well-diversified passenger revenue base that is supported by the economic and tourism growth seen in Turkey, while Istanbul's geographic location allows the Ataturk International Airport to act as a hub for international transfer traffic," it said.
Moody's believed that the airline was an important contributor to the Turkish economy and played a major role in promoting economic growth and tourism.
"The stable outlook reflects Moody's expectation that Turkish Airlines will see steady industry demand with favorable passenger growth and healthy load factors during its fleet expansion phase. The outlook also assumes that Turkish Airlines will continue to have an efficient cost base and above peer-average profitability metrics through the economic cycle," the statement added.
S&P's said in a statement that the business risk profile of Turkish Airlines reflected its market position at Istanbul Ataturk Airport, Istanbul's beneficial geographic position as a transfer hub and the company's strong track record of growth over the past three years.
The S&P's statement also underlined Turkish Airlines' important role in the Turkish economy.
"With these ratings, Turkish Airlines achieved the second highest rating among the global network carriers in the industry that have been rated by both Moody's and S&P," the airline said.
Turkish Airlines' operating net profit reached 1.82 billion Turkish lira ($740 million), a 166.5 percent increase compared to 2013.
Its net sales increased by 34 percent in 2014 to 24.15 billion lira ($9.8 billion). The company's destinations for flights increased to 264 from 243 in the past year, including 45 domestic and 219 international destinations in 108 countries.
Turkish Airlines carried nearly 55 million passengers in 2014, a 13.3 percent increase in passenger numbers year-on-year. The number of passengers on domestic routes was up 13.2 percent and international arrivals increased by 13.3 percent.
www.aa.com.tr/en - Ankara
|
Poem
Manşetler
Spor
Son Dakika
Haber
Yerel Haberler
