There has not been any meaningful progress to date in resolution of the dispute between Turkish telecommunications provider Turkcell's key shareholders. While the conflict currently does not meaningfully impact the company's operations, it negatively affects the corporate governance and creates uncertainty that precludes an investment-grade rating for Turkcell for now. We are revising our outlook on Turkcell to stable from positive and affirming the 'BB+' long-term rating. The stable outlook reflects our expectation that Turkcell's operating performance in its home market will remain robust and that its international operations will gradually improve. On Dec. 11, 2012, Standard&Poor's Ratings Services revised its outlook on Turkish telecommunications provider Turkcell Iletisim Hizmetleri A. S. to stable from positive. At the same
