...+ On Aug. 17, 2018, we downgraded Turkey to 'B+' from '##-', and assigned a stable outlook. + We also revised to '##-' from '##+' our transfer and convertibility (T&C) assessment on Turkey, which reflects our view of the likelihood that the government would restrict access to foreign exchange liquidity for Turkish companies. + We continue to assess that our rating on Turkcell can exceed the sovereign rating by two notches, but we also cap it at the level of the T&C assessment on Turkey, since Turkcell is a nonexport company with over 90% of its revenues coming from the domestic market. + We are consequently lowering our long-term ratings on Turkcell to '##-' from '##+'. + Despite the company's ongoing hedging efforts, we expect that the substantial weakening of the Turkish lira will pressure free cash flow generation, and are hence revising our stand-alone credit profile for Turkcell to '###-' from '###'. + The stable outlook mirrors that on the sovereign, and our expectation of continued...
