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 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. 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 credit quality of the Republic of Turkey could affect the overall capacity of the company to face its financial obligations. The CreditWatch resolution on the company
