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(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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