Fitch ups Pegasus Hava Tasimaciligi

Fitch Ratings said it upgraded Pegasus Hava Tasimaciligi AS' long-term foreign- and local-currency default ratings to BB- from B+.

The negative outlooks mirror that on the sovereign ratings, Fitch said.

“The upgrade reflects our expectation that Pegasus will maintain the operating performance it achieved in 2022, including EBITDAR margin above 30%,” the agency said in a news release.

“This, together with the absence of any unplanned capex or shareholder returns, will allow the company to maintain credit metrics that are commensurate with its BB- ratings.”

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