Strong market position in the Turkish mobile telephony market. Robust operating performance and sound cash generation. Exposure to country risk in Turkey and riskier emerging markets, such as Ukraine and Belarus. Intense competition in the Turkish mobile telephony market. Strong credit ratios. Moderate debt and significant cash balances. Exposure to foreign exchange risk due to a mismatch between its earnings and debt currencies. Extensive use of short-term debt. The stable outlook on Turkey-based telecommunications provider Turkcell Iletisim Hizmetleri A.S. reflects Standard&Poor's Ratings Services' expectation that the company will manage to protect its strong market position in Turkey, avoid significant weakening of its profitability, and continue to generate significant free operating cash flow (FOCF). The outlook also assumes that
