Outlook On Turkcell Revised To Stable After Similar Rating Action On Sovereign; 'BBB-' Rating Affirmed

On Nov. 4, 2016, we revised our outlook on Turkey to stable from negative and affirmed our 'BB' long-term foreign currency rating. We continue to assess that our rating on Turkcell can exceed the sovereign rating by two notches. Therefore, we have revised the outlook on Turkcell to stable from negative and affirmed our 'BBB-' long-term corporate credit rating on the company. The stable outlook reflects our expectation that Turkcell will maintain adjusted debt to EBITDA below 2x and funds from operations to debt above 50%, and that free operating cash flow will breakeven in 2017 after being significantly negative from spectrum payments in 2016. STOCKHOLM (S&P Global Ratings) Nov. 10, 2016--S&P Global Ratings today revised its outlook on Turkish

...+ On Nov. 4, 2016, we revised our outlook on Turkey to stable from negative and affirmed our '##' long-term foreign currency rating. + We continue to assess that our rating on Turkcell can exceed the sovereign rating by two notches. + Therefore, we have revised the outlook on Turkcell to stable from negative and affirmed our '###-' long-term corporate credit rating on the company. + The stable outlook reflects our expectation that Turkcell will maintain adjusted debt to EBITDA below 2x and funds from operations to debt above 50%, and that free operating cash flow will breakeven in 2017 after being significantly negative from spectrum payments in 2016. STOCKHOLM (S&P Global Ratings) Nov. 10, 2016--S&P Global Ratings today revised its outlook on Turkish mobile telecommunications operator Turkcell Iletisim Hizmetleri A.S. (Turkcell) to stable from negative. At the same time, we affirmed our '###-' long-term corporate credit rating on the company. The outlook revision follows our outlook revision...

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