Fitch lowers Pegasus Hava Tasimaciligi IDRs

Fitch Ratings said it downgraded Turkey’s Pegasus Hava Tasimaciligi AS’s foreign- and local-currency long-term issuer default ratings to B+ from BB-.

The outlook on the IDRs remains negative.

Fitch said it affirmed its $375 million senior unsecured bonds rating at BB-/RR3. Fitch also affirmed its national long-term rating at AA(tur), reflecting the recalibration of Turkey national rating scale following Fitch's downgrade of Turkey's sovereign rating to B+ from BB- on Feb. 11.

“The IDR downgrade reflects our expectation of Pegasus's delayed deleveraging on the back of a weaker operating environment for both international and domestic businesses,” Fitch said in a news release.

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