After placing the ratings on the Republic of Turkey on CreditWatch with negative implications on Feb. 21, 2001, Standard&Poor's placed on CreditWatch with negative implications its long-term ratings--including its single-'B'-plus corporate credit ratings on Turkcell Iletisim Hizmetleri A.S. (Turkcell, Turkey's leading operator of cellular global systems for mobile communications) and Turkcell's guaranteed financing vehicle Cellco Finance N.V., as well as the long-term ratings on Vestel Elektronik Sanayi Ve Ticaret A.S. (Vestel, an integrated, low-cost Turkish manufacturer of televisions and personal-computer monitors). Turkcell has foreign currency ratings only. Turkcell should continue showing rapid revenue and cash flow growth, enabling it to increasingly use internal funding to finance its high level of capital expenditures. However, the economic environment and the
