On Nov. 4, 2016, we revised our outlook on Turkey to stable from negative and affirmed our 'BB' long-term foreign currency rating. We continue to assess that our rating on Turkcell can exceed the sovereign rating by two notches. Therefore, we have revised the outlook on Turkcell to stable from negative and affirmed our 'BBB-' long-term corporate credit rating on the company. The stable outlook reflects our expectation that Turkcell will maintain adjusted debt to EBITDA below 2x and funds from operations to debt above 50%, and that free operating cash flow will breakeven in 2017 after being significantly negative from spectrum payments in 2016. On Nov. 10, 2016, S&P Global Ratings revised its outlook on Turkish mobile telecommunications operator
