Fitch affirms Turk Telekomunikasyon

Fitch Ratings said it affirmed Turk Telekomunikasyon AS' long-term foreign and local currency issuer default ratings at BB+.

The outlook is negative.

“TT is the leading integrated telecoms player in Turkey and operates the country's largest fixed network and the smallest of three but growing mobile networks,” the agency said in a news release.

“The company's national fixed-line coverage, good spectrum position and growing base of converged customers make it a strong competitor for Turkcell Iletisim Hizmetleri AS (BB+/negative) and Vodafone Group plc (BBB+/stable).”

“High leverage and exposure to foreign-currency risk remain a constraining factor for the rating but we see clear capacity for deleveraging as revenue and EBITDA grow against the backdrop of an expanding Turkish economy,” Fitch added.

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