We have observed some progress toward the resolution of the long-lasting conflict between Turkcell's shareholders. We believe that resolution could ultimately improve Turkcell's corporate governance, which we currently assess as weak. We are therefore revising our outlook on Turkcell to positive from stable and affirming our 'BB+' long-term rating. The positive outlook reflects our view that we could raise the rating on Turkcell to 'BBB-' if we saw improvement in Turkcell's corporate governance and if considered that the company appropriately manages its capital structure after it resumes regular dividend payments. On Nov. 4, 2014, Standard&Poor's Ratings Services revised its outlook on Turkey's largest mobile telecommunications operator Turkcell Iletisim Hizmetleri A. S. (Turkcell) to positive from stable. At the
