S&P rates Turkcell notes BBB-

S&P said it affirmed its BBB- long-term issuer credit rating on Turkcell Iletisim Hizmetleri AS and its BBB- rating on the company's senior unsecured debt.

The outlook is negative.

At the same time, the agency assigned a BBB- long-term issue rating to Turkcell's proposed 10-year $500 million to $750 million senior notes.

The agency said the affirmation reflects Turkcell's solid operating performance, coupled with an expectation of gradually stronger ratios, but also incorporates the current ratings on Turkey.

“We think Turkcell's revenue growth will remain robust in coming years and, since we assume stable profitability, this should translate into 14%-15% annual EBITDA growth,” S&P said in a news release.

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