On March 31, 2023, we revised our outlook on Turkiye to negative from stable and affirmed our ratings, including our 'B' unsolicited sovereign credit rating. Our 'B' transfer and convertibility (T&C) assessment, which is unchanged, reflects our view of the likelihood that Turkiye would restrict Turkish companies' access to foreign currency liquidity. Turkcell generates nearly all its cash flow in Turkiye and our rating on the company is capped by our T&C assessment on the sovereign. We revised our outlook on Turkcell to negative from stable in line, with the outlook on Turkiye, and affirmed our 'B' long-term issuer credit rating on the company. The negative outlook on Turkcell reflects that on Turkiye. We could downgrade Turkcell if we revised
