On Aug. 17, 2004, Standard&Poor's Ratings Services revised the outlook on its 'B' foreign currency corporate credit rating on leading Turkish mobile telephony provider Turkcell Iletisim Hizmetleri A.S. to positive from stable, following the raising of the sovereign ratings on the Republic of Turkey (foreign currency BB-/Stable/B; local currency BB/Stable/B). At the same time, Standard&Poor's affirmed its 'B' long-term foreign currency corporate credit rating on Turkcell, and its 'B' senior unsecured debt rating on related entity Cellco Finance N.V. For further details concerning the sovereign upgrade please see the media release titled "Turkey's Long-Term FC/LC Ratings Raised To 'BB-/BB' on Macroeconomic Stability; Outlook Stable", published on Aug. 17, 2004, on RatingsDirect, Standard&Poor's web-based credit
