S&P boosts Turkcell

Standard & Poor's said it raised to BB- from B+ its long-term foreign currency corporate credit rating on Turkcell Iletisim Hizmetleri AS.

The outlook is stable.

The agency added that the upgrade reflects Turkcell's maintenance of a moderate financial profile, reductions in currency mismatches and solid operating performance.

Rating constraints are the volatile Turkish macroeconomic environment, namely currency swings, international expansion in Ukraine, legal disputes among the company's major shareholders and rapidly rising competition in the Turkish mobile market, the agency said.

S&P added that the rating is underpinned by the expectation that the company will continue to perform well operationally amid macroeconomic uncertainties and increasing competition in the dynamic Turkish mobile market.

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