Upgraded Credit Ratings for Pegasus Airlines

Thursday, 1 June 2023

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Upgraded Credit Ratings for Pegasus Airlines

(01/06/23) Pegasus Airlines' financial performance in 2022 has resulted in upgrades in its credit rating.

The airlines' long-term credit rating was upgraded from B+ to BB- by Fitch Ratings on 14 April 2023 and from B to B+ by S&P Global Ratings on 23 May 2023.

Fitch and S&P announced their credit ratings with “Negative Outlook", mirroring that of the current macroeconomic conditions, and revised the credit rating of the senior unsecured debt issued by Pegasus Airlines accordingly.

Tailfin of a Pegasus Airlines Airbus A320neo powered by CFM International LEAP-1A engines

In the reports published by Fitch and S&P, the rating upgrade is attributed to Pegasus' strong operational and financial results in 2022 and the subsequent quarterly period.

Among global airline operators, Pegasus recorded the highest EBITDA margin with 34.1% and the lowest non-fuel unit cost (CASK, non-fuel) with 2.18 euro cents, based on public data.

In 2022, the carrier increased the number of passengers it carried by 34%, and grew its revenue by 139%, year-on-year. The airline also achieved €69 million EBITDA and a 15.1% EBITDA margin in the first quarter of 2023, making it highest first quarter performance in the company's history.

“Despite 2022 starting with challenges for the aviation industry due to the Omicron variant and a backdrop of macroeconomic and geopolitical tensions, it ultimately became a year of rapid travel demand recovery compared to the pandemic period. The year continued with a strong summer season and presented a favourable operating environment for airlines that were well-prepared for this resurgence. In 2022, which we started operationally and financially well prepared, we achieved the best financial performance in the global aviation sector, by managing our operations effectively in parallel with robust demand,” said Barbaros Kubatoğlu, Chief Financial Officer (CFO) of Pegasus Airlines. “It is of great significance to us that our 2022 performance, which continues with the same success in the first quarter of 2023, is recognised by independent rating agencies, and that this performance is also emphasised as sustainable.”

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