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disclosed, but local media reported that Getir would finance 10,000 packages worth TRY1.5mn from its own resources.
9.2.3 Transport corporate news
Turkish Airlines said on April 1 that it is applying a number of measures aimed at cutting costs and increasing financial liquidity.
“We are negotiating with important suppliers to revise the payment schedule. We are studying different scenarios and action plans related to the timing and expansion of the outbreak,” it said.
Turkish Airlines suspended all international and domestic flights.
On March 20, Moody’s Rating Services said that it cut Turkish Airlines’ (THYAO) rating to B2, five notches below investment grade, while it placed the Turkish flag carrier’s ratings on review for a further downgrade.
Moody’s also placed on review for downgrade its ratings on the two Enhanced Equipment Trust Certificates (EETC) of Turkish Airlines it rates: Bosphorus Pass Through Trust 2015-1A ("Bosphorus") rated Ba3 and the Japanese Yen-denominated, Anatolia Pass Through Trust ("Anatolia"), Class A rated Ba3 and Class B rated Ba3.
On March 20, Standard & Poor’s cut Turkish Airlines to B, five notches below investment grade.
“Works for the [third] runway are ongoing. This parallel independent runway is expected to be ready on June 18 this year,” IGA, the operator of Istanbul Airport, said on April 20.
Data from Turkey’s airports authority (DHMI) showed that Istanbul Airport served some 12.2mn passengers in January-March whereas Ataturk Airport, which ceased to operate after the mega airport was launched, hosted more than 15mn passengers in the same period of 2019.
Total passenger traffic at Turkey’s airports plunged 19% on an annual basis to 33.6mn passengers in the first quarter of this year with the international traveller tally declining 16% y/y to 14.1mn and the domestic passenger total down 21% y/y to 19.4mn.
9.2.4 Retail corporate news
Migros, one of Turkey’s largest supermarket chains, has hired 5,000 additional personnel to meet a sharp spike in online orders.
Migros opened a total of 20 stores in March despite the ongoing pandemic.
With the latest openings, the number of stores Migros operated reached 2,231 (2,186 in Turkey and 45 abroad) as of end-March.
“I'm tempted to book profits up [in Migros (MGROS)] around [TRY]30. The weakening lira will affect their fx debt negatively, brick and mortar sales declines may only just be offset by the boom online and the PE holders who still have about 10% I think may decide to flip at any time once the lock-up expires,” Julian Rimmer of Investec said on April 16 in a note to investors.
“Stay short TRY,” he added.
Many Turkish consumers are experiencing difficulties in placing orders via
57 TURKEY Country Report May 2020 www.intellinews.com
