Fitch stated that the Foreign Currency (FC) IDR exceeds Turkey's 'B+' Country Ceiling by one notch due to Pegasus' high share of foreign currency revenue and easily accessible foreign currency liquidity.
The statement noted, "The ratings take into account Pegasus' strong growth prospects, young and fuel-efficient fleet, industry-leading cost base, and strong market position in Turkey (B+/Positive) with easily accessible foreign currency liquidity. The ratings also reflect the execution risk inherent in its debt-funded growth strategy, a volatile but improving operating environment that includes foreign exchange (FX) risk, and its smaller size compared to many peers."
News Source: 12punto
