On May 1, 2018, we lowered our unsolicited foreign currency rating on Turkey to 'BB-', assigned a stable outlook, and revised down our transfer and convertibility (T&C) assessment to 'BB+'. Although our rating on Turkcell can exceed the sovereign rating by two notches, we cap the rating at the level of the T&C assessment on Turkey since Turkcell is a nonexport company with over 90% of its revenues coming from the domestic market. We are consequently lowering our long-term ratings on Turkcell to 'BB+' from 'BBB-'. The stable outlook mirrors the outlook on the sovereign. On May 8, 2018, S&P Global Ratings lowered its long-term issuer credit rating on Turkcell Iletisim Hizmetleri A.S. (Turkcell) to 'BB+' from 'BBB-'. The outlook
