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 group'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 $579 million at March 31, 2007. The group had 32.2 million subscribers in Turkey at the same date, with prepaid users representing 81% of the customer base. Competition in Turkcell's domestic market is heating up, as two rival operators
