Travelbiz E-Zine
31
May
2023

Pegasus Airlines Receives Credit Rating Upgrade After Strong Financial Performance in 2022

#Traveltradetogether

Pegasus Airlines’ strong financial performance in 2022 has resulted in an upgrade in its credit rating.

Pegasus Airlines’ successful financial performance in 2022 has resulted in an upgrade in its credit rating. Pegasus Airlines’ long-term credit rating was upgraded from B+ to BB- by Fitch Ratings Limited (Fitch) on 14 April 2023 and from B to B+ by S&P Global Ratings (S&P) on 23 May 2023. Fitch and S&P announced their credit ratings with “Negative Outlook”, mirroring that on the current macroeconomic conditions. The international credit rating agencies have also revised the credit rating of the senior unsecured debt issued by Pegasus Airlines accordingly.

 

In the reports published by Fitch and S&P, the rating upgrade is attributed to Pegasus Airlines’ strong operational and financial results in 2022 and the subsequent quarterly period. Among global airline operators, Pegasus Airlines 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, Pegasus Airlines 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.

 

Barbaros Kubatoğlu, Chief Financial Officer (CFO) of Pegasus Airlines, commented: “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”.

Subscribe to our E-Zine

    More

    from latest edition

    Head to Hollywood for just €549 (£473) return with TAP Air Portugal
    04th July 2025

    Head to Hollywood for just €549 (£473) return with TAP Air Portugal

    TAP Air Portugal is offering an incredible promotion to Los Angeles until July 9, with prices starting from €549 euros (£473), including taxes, for round-trips to California. 

    Read more
    Etihad Guest Raises the Extraordinary Challenge Prize Pot to over 20 Million Miles Due to Overwhelming Demand
    04th July 2025

    Etihad Guest Raises the Extraordinary Challenge Prize Pot to over 20 Million Miles Due to Overwhelming Demand

    Etihad Guest has announced 12.5 million additional miles up for grabs in the second phase of The Extraordinary Challenge, bringing the grand total prize pot to over 20 million Etihad Guest Miles...

    Read more
    Riviera Travel’s brand new river cruise ship, MS Riviera Radiance, wows on the European waterways
    04th July 2025

    Riviera Travel’s brand new river cruise ship, MS Riviera Radiance, wows on the European waterways

    The state-of-the-art ship was built for Riviera Travel in collaboration with a longstanding shipping partner and set off on its first cruise on June 9th 2025. The latest edition to Riviera Trave...

    Read more
    Summer in full swing at Cork & Dublin airports but cap continues to weigh down Dublin
    04th July 2025

    Summer in full swing at Cork & Dublin airports but cap continues to weigh down Dublin

    Summer is in full swing at Cork and Dublin airports with record numbers of passengers passing through both airports in June, but the terminals passenger cap continues to weigh down Dublin. Cork ...

    Read more
    Oceania Cruises Exceptional Savings Trade Webinar – Available On Demand
    03rd July 2025

    Oceania Cruises Exceptional Savings Trade Webinar – Available On Demand

    Join Steve Odell, Senior Vice President, International & Consumer Sales, and guests to discover new ways to elevate your business.

    Read more
    Travel Counsellors Ireland 2026 Conference Announcement
    02nd July 2025

    Travel Counsellors Ireland 2026 Conference Announcement

    Travel Counsellors Ireland are delighted to announce that its 2026 conference will be held on Thursday 5th and Friday 6th March, at the 5* Fota Island Resort in Cork. The conference will feature...

    Read more