On July 20, 2016, S&P Global Ratings lowered its long-term foreign currency sovereign credit ratings on the Republic of Turkey to 'BB' from 'BB+' and revised the outlook to negative from stable. We are affirming our 'BBB-' long-term corporate credit rating on Turkcell, as we believe it will continue to demonstrate robust operating performance and solid credit metrics, as well as a solid liquidity profile. However, we are revising our outlook on Turkcell to negative from stable because we consider that the rating on Turkcell is now constrained by the outlook on the sovereign. On July 22, 2016, S&P Global Ratings revised the outlook to negative from stable on Turkish mobile telecommunication operator Turkcell Iletisim A.S. (Turkcell). At the same
