On Sept. 29, 2023, we revised our outlook on our long-term rating on Turkiye to stable from negative, affirmed the unsolicited 'B' global scale and 'trA/trA-1' national scale ratings, and maintained our transfer and convertibility (T&C) assessment at 'B'. Our T&C assessment 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 Turkcell is capped by our T&C assessment. We therefore revised the outlook on our long-term issuer credit rating on Turkcell to stable from negative, in line with the outlook on the long-term rating on Turkiye, and affirmed our 'B' ratings. On Sept. 29, 2023, we revised outlook on
