A stronger-than-expected Turkish lira against the U.S. dollar, at 5.30 in 2019, alongside Turkcell's continued resilient operating performance, lead us to forecast that the company's credit metrics for 2019-2020 will improve, including an S&P Global Ratings-adjusted debt to EBITDA of about 1.5x. As a result, we have revised up our stand-alone credit profile assessment on Turkcell to 'bbb', and our ratings continue to be capped by our transfer and convertibility (T&C) assessment on Turkey. We are therefore affirming our 'BB-' ratings on Turkcell. The stable outlook reflects our stable outlook on Turkey and our expectation that Turkcell will maintain solid operational performance. The affirmation reflects the improved Turkish lira (TRY) against the U.S. dollar, coupled with our expectation that Turkcell
