The rating on leading Turkish mobile telecommunications group Turkcell Iletisim Hizmetleri A.S. is constrained by the volatile Turkish macroeconomic environment, and resulting currency swings; international expansion in Ukraine; legal disputes among the company's major shareholders; and rapidly rising competition in the Turkish mobile market. The rating is underpinned by Standard&Poor's Ratings Services' expectation that the company will continue to perform well operationally amid macroeconomic uncertainties and increasing competition in the dynamic Turkish mobile market. Turkcell reported consolidated debt of $645 million at Sept. 30, 2006. The group had 30.8 million subscribers in Turkey at the same date, with pre-paid users representing 81% of the customer base during third-quarter 2006. Competition on Turkcell's domestic market is heating up, as
