Following the resolution of a long-lasting conflict between shareholders, the board of directors of the integrated communication and technology services company Turkcell has been effective during 2015, in our view. The mobile telecoms group finally paid a dividend for the years 2010-2014 in April 2015, while it aims to set up a long-term capital structure and targets a conservative run-rate leverage range of 1.0x-2.0x net debt to EBITDA. We are therefore raising our long-term corporate credit rating on Turkcell to 'BBB-' from 'BB+'. The stable outlook reflects our expectation of a Standard&Poor's-adjusted debt-to-EBITDA ratio in the 1.0x-2.0x range, funds from operations (FFO) to debt higher than 50%, and materially negative discretionary cash flow in 2015-2017. On Sept. 17,
