Research Update: Turkcell Iletisim Hizmetleri A.S. Upgraded To 'BB' After Sovereign Action; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Turkcell Iletisim Hizmetleri A.S. Upgraded To 'BB' After Sovereign Action; Outlook Stable

Research Update: Turkcell Iletisim Hizmetleri A.S. Upgraded To 'BB' After Sovereign Action; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Turkcell Iletisim Hizmetleri A.S. Upgraded To 'BB' After Sovereign Action; Outlook Stable
Published Nov 14, 2024
5 pages (2019 words) — Published Nov 14, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

On Nov. 1, 2024, we raised our unsolicited long-term sovereign credit ratings on Turkiye to 'BB-' and revised our transfer and convertibility (T&C) assessment to 'BB' from 'BB-', signifying that the risk of the sovereign preventing private-sector debtors from servicing foreign currency-denominated debt is diminished. We rate Turkcell Iletisim Hizmetleri A.S. (Turkcell) above the sovereign because it passes our hypothetical sovereign default stress, but the ratings are capped at the level of our T&C assessment on Turkiye, since Turkcell generates more than 90% of its revenues in the country. As a result, we raised the long-term issuer credit rating on Turkcell to 'BB' from 'BB-'. We also raised the issue rating on the senior unsecured debt to 'BB' from 'BB-',

  
Brief Excerpt:

...Issuer Credit Rating ##/Stable/-- Business risk: Satisfactory Country risk High Industry risk Intermediate Competitive position Satisfactory Financial risk: Modest Cash flow/leverage Modest Anchor ###+ Modifiers: Diversification/Portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Neutral (no impact) Comparable rating analysis Negative (-1 notch) Stand-alone credit profile: ### Related government rating: ##- Transfer & convertibility assessment ## Rating above the sovereign ##...

  
Report Type:

Research Update

Ticker
TCELL@TI
Issuer
GICS
Wireless Telecommunication Services (50102010)
Sector
Global Issuers
Country
Region
Latin America
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Turkcell Iletisim Hizmetleri A.S. Upgraded To 'BB' After Sovereign Action; Outlook Stable" Nov 14, 2024. Alacra Store. May 16, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Turkcell-Iletisim-Hizmetleri-A-S-Upgraded-To-BB-After-Sovereign-Action-Outlook-Stable-3283584>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Turkcell Iletisim Hizmetleri A.S. Upgraded To 'BB' After Sovereign Action; Outlook Stable Nov 14, 2024. New York, NY: Alacra Store. Retrieved May 16, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Turkcell-Iletisim-Hizmetleri-A-S-Upgraded-To-BB-After-Sovereign-Action-Outlook-Stable-3283584>
  
US$ 225.00
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