LONDON (Standard&Poor's CreditWire) Dec. 13, 1999--Standard&Poor's today revised its outlook on Turkcell Iletisim Hizmetleri A.S. (Turkcell) to positive from stable, reflecting Standard&Poor's recently revised foreign currency outlook on the Republic of Turkey. At the same time, Standard&Poor's affirmed its single-'B' long-term foreign currency corporate credit rating on Turkcell, and its triple-'C'-plus subordinated debt rating on Turkcell's financing vehicle Cellco Finance N.V., which is guaranteed by Turkcell. Standard&Poor's also assigned its single-'B'-minus long-term foreign currency rating to Cellco Finance's proposed US$200 million notes with a senior unsecured guarantee from Turkcell. The lower rating on the unsecured and subordinated notes reflects Standard&Poor's policy of notching debt issued at holding company
