PARIS (Standard&Poor's) Dec. 14, 2007--Standard&Poor's Ratings Services said today that it raised its foreign currency long-term corporate credit rating on Turkish mobile telephony operator Turkcell Iletisim Hizmetleri A.S. to 'BB' from ' BB-'. The outlook is positive. "The upgrade reflects Turkcell's continued strong performance in the dynamic Turkish mobile telephony market, good cash flow generation, and low financial leverage," said Standard&Poor's credit analyst Patrice Cochelin. Rating constraints are the volatile Turkish macroeconomic environment, potential currency swings, international expansion in Ukraine, and continuing legal disputes among the group's major shareholders. At Sept. 30, 2007, Turkcell had $740 million in consolidated on-balance sheet debt. "We may raise the rating on Turkcell by one notch in the
