On Dec. 14, 2007, Standard&Poor's Ratings Services 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. 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. Turkcell's share of subscribers in the Turkish market stood at 57% as of Sept. 30, 2007. Competitors, including Vodafone Group PLC, (A-/Stable/A-2), have eroded the operator's
