S&P trims Turkcell

S&P said it trimmed its Turkcell rating to B+ from BB- following the downgrade of Turkey’s local-currency rating and transfer and convertibility assessment to B+ from BB-.

“Our rating on Turkcell is capped by our transfer and convertibility (T&C) assessment on Turkey. Our T&C assessment reflects our view of the likelihood that Turkey would restrict Turkish companies' access to foreign-exchange liquidity. Turkcell generates the overwhelming majority of its cash flows in Turkey,” the agency said in a press release.

The outlook is negative.

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