S&P: Turkcell outlook positive

Standard & Poor's said it revised the outlook on its B foreign currency corporate credit rating on leading Turkish mobile telephony provider Turkcell Iletisim Hizmetleri AS to positive from stable following the raising of the sovereign ratings on the Republic of Turkey (foreign currency BB-/stable/B; local currency BB/stable/B).

S&P also affirmed its B long-term foreign currency corporate credit rating on Turkcell and its B senior unsecured debt rating on related entity Cellco Finance NV.

"The outlook revision reflects the more stable macroeconomic environment and local currency in Turkey," said S&P credit analyst Simon Redmond. "This is positive for Turkcell because it reduces the company's exposure to U.S. dollar-denominated debt and foreign currency-denominated costs, and underpins economic growth and demand for Turkcell's services."

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