[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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Credit Rating
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The international credit agency Moody's upgraded the credit rating of our Company by one notch to Ba2 from Ba3. The outlook updated as Stable.

Moody's also upgraded the rating assigned to Turkish Airlines' USD-denominated Enhanced Equipment Trust Certificates (EETC), which was issued in 2015, to Ba2 from Ba3 and the rating of the JPY-denominated Class A Enhanced Equipment Trust Certificates (EETCs) to Ba1 from Ba2.