Turkish mobile operator Turkcell has posted resilient profitability, improving cash flows, and large cash balances over the past few quarters. We are revising to positive the outlook on the 'BB+' long-term corporate credit rating. The positive outlook reflects the possibility of an upgrade in the next 12-24 months, assuming an upgrade of the sovereign and subject to several mostly financial and governance-related conditions. On Jan. 26, 2011, Standard&Poor's Ratings Services revised to positive from stable its outlook on the 'BB+' long-term corporate credit rating on Turkish mobile telecom operator Turkcell Iletisim Hizmetleri A.S. At the same time, we affirmed the 'BB+' long-term corporate credit rating on Turkcell. Turkcell's consolidated EBITDA margins, as calculated by the company, improved meaningfully
