The ratings on Turkcell Iletisim Hizmetleri A.S. (Turkcell) remain on CreditWatch with negative implications, despite the ratings on the Republic of Turkey having been affirmed and removed from CreditWatch following news of the latest aid package for the country. The ratings on Turkcell and guaranteed financing vehicle Cellco Finance N.V. were placed on CreditWatch on Feb. 21, 2001, following the CreditWatch placement of the sovereign's ratings. Although Turkcell, Turkey's leading operator of cellular global systems for mobile communications, continues to enjoy solid business fundamentals--such as sustained customer-base and revenue growth--and has significantly reduced its investment plans, its near-term financial flexibility is subject to the renewal of a $550 million bank facility that matures in September 2001. At end-March 2001, Turkcell
