The ratings on Turkcell Iletisim Hizmetleri A.S., the leading Turkish mobile telecommunications company, reflect the lack of clarity regarding ownership and high exposure to foreign currency-denominated debt and country–related risks. These weaknesses are mitigated by Turkcell's good business position in Turkey, solid operating performance, and adequate liquidity. Turkcell had total reported debt of $867 million at March 31, 2005; or net debt of $472 million including the settlement liabilities. The ratings are underpinned by the expectation that Turkcell will continue to perform well operationally in the face of macroeconomic uncertainties and increasing competition in the dynamic Turkish mobile market. The company's subscriber numbers continued to rise to 25.6 million at June 30, 2005, from 20.9 million a year earlier. Standard
