On Sept. 30, 2022, we lowered our unsolicited local and foreign currency rating on Turkiye and revised our transfer and convertibility (T&C) assessment to 'B' from 'B+'. Our T&C assessment reflects our view of the likelihood that Turkiye would restrict Turkish companies' access to foreign currency liquidity. Turkcell generates the overwhelming majority of its cash flows in Turkiye and our rating on Turkcell is capped by our T&C assessment and our local currency rating on Turkiye. We lowered our long-term local and foreign currency ratings on Turkcell to 'B' from 'B+' and assigned a stable outlook, in line with the outlook on Turkiye. On Sept. 30, 2022, we lowered our unsolicited local currency ratings on Turkiye and revised our T&C
