On Dec. 1, 2006, Standard&Poor's Ratings Services raised to 'BB-' from 'B+' its long-term foreign currency corporate credit rating on Turkcell Iletisim Hizmetleri A.S., the leading Turkish mobile telecommunications group. The outlook is stable. The upgrade reflects Turkcell's maintenance of a moderate financial profile, reductions in currency mismatches, and solid operating performance. Rating constraints are the volatile Turkish macroeconomic environment, namely currency swings; international expansion in Ukraine; legal disputes among the company's major shareholders; and rapidly rising competition in the Turkish mobile market. The rating is underpinned by the expectation that the company will continue to perform well operationally amid macroeconomic uncertainties and increasing competition in the dynamic Turkish mobile market. Turkcell reported consolidated debt of $645 million
