Turkish low fares airline Pegasus Airlines has had its long-term credit rating upgraded by global ratings agencies Fitch and S&P.
The moves by two of the world’s biggest ratings agencies comes after Pegasus posted a strong financial performance for 2022.
Last year, Pegasus boosted passenger numbers by 34%, grew its revenue by 139% and generated nearly €70m in profit. It also recorded the highest earnings margin and lowest non-fuel unit costs of any airline worldwide.
Barbaros Kubatoğlu, Pegasus’ chief Financial Officer said: “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. 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.”