On Jan. 11, 2006, Standard&Poor's Ratings Services raised to 'B+' from 'B' its long-term foreign currency corporate credit rating on Turkish mobile telecommunications company Turkcell Iletisim Hizmetleri A.S. (Turkcell) and removed it from CreditWatch with positive implications, where it was placed on March 25, 2005. The outlook is positive. The upgrade and CreditWatch resolution reflect Turkcell's continued solid operating performance and financial profile, despite ongoing shareholder litigation. The ratings on Turkcell remain underpinned by the company's position as the number one provider of mobile telephony on the fast growing Turkish market and its strong, consistent operating performance. The risks of operating in the Turkish environment, along with an ongoing dispute among Turkcell's key shareholders, continue to constrain the
