LONDON (Standard&Poor's) Oct. 16, 2003--Standard&Poor's Ratings Services said today that its ratings and outlook on leading Turkish mobile telecommunications company Turkcell Iletisim Hizmetleri A.S. (B/Stable/--) were unchanged following Standard&Poor's raising of the long-term foreign and local currency sovereign credit ratings on the Republic of Turkey to 'B+' from 'B' earlier today. The improvement in Turkey's sovereign risk is a result of the government's progress towards 2003 financial targets under its IMF-supported program and its commitment to continue implementing the program in 2004. "The sovereign upgrade is positive for Turkcell as it reduces exposure to foreign currency denominated debt and costs and indirectly underpins demand for the company's services," said Standard&Poor's credit analyst
