S&P downgrades Turkcell

S&P said it lowered its long-term local and foreign currency ratings on Turkcell to B from B+ and assigned a stable outlook, in line with the outlook on Turkiye.

On Sept. 30, S&P lowered its unsolicited local and foreign currency rating on Turkiye and revised the transfer and convertibility assessment to B from B+.

“Our T&C assessment reflects our view of the likelihood that Turkiye would restrict Turkish companies' access to foreign currency liquidity,” S&P said in a news release. “Turkcell generates the overwhelming majority of its cash flows in Turkiye and our rating on Turkcell is capped by our T&C assessment and our local currency rating on Turkiye.”

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