On May 3, 2024, we raised our unsolicited long-term sovereign credit rating on Turkiye to 'B+' from 'B' and revised our transfer and convertibility (T&C) assessment to 'BB-' from 'B+', signifying that the risk of the sovereign preventing private-sector debtors from servicing foreign currency-denominated debt is abating. We rate Turkish mobile phone operator Turkcell Iletisim Hizmetleri A. S. (Turkcell) above the sovereign because it passes our hypothetical sovereign default stress test, but we cap the rating at the level of our T&C assessment on Turkiye since Turkcell generates more than 90% of its revenues in Turkiye. We therefore raised to 'BB-' from 'B+' the long-term issuer credit rating on Turkcell and the issue rating on the senior unsecured debt. The
