Constraining the rating on Turkcell are the volatile Turkish macroeconomic environment, the company's international expansion and significant cash consumption in Ukraine and Belarus, currency mismatches, and high short-term debt. In addition, legal disputes continue among the group's major shareholders and regulatory pressures are significant. Supportive factors include the company's strong position and performance in the maturing and increasingly regulated Turkish mobile telecom market, good mobile cash flow generation, moderate gross leverage, significant liquid assets, and minority investment in Eurasia. At June 30, 2010, Turkcell reported gross consolidated debt of $1.75 billion. The Turkish macroeconomic environment has stabilized since late 2009. The Turkish lira has been more resilient and GDP at constant prices grew at double-digit rates according to official Turkish
