Telecom Operator Turkcell Downgraded To 'B+' From 'BB-' After Similar Action On Turkey; Outlook Negative - S&P Global Ratings’ Credit Research

Telecom Operator Turkcell Downgraded To 'B+' From 'BB-' After Similar Action On Turkey; Outlook Negative

Telecom Operator Turkcell Downgraded To 'B+' From 'BB-' After Similar Action On Turkey; Outlook Negative - S&P Global Ratings’ Credit Research
Telecom Operator Turkcell Downgraded To 'B+' From 'BB-' After Similar Action On Turkey; Outlook Negative
Published Apr 08, 2022
3 pages (1451 words) — Published Apr 08, 2022
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About This Report

  
Abstract:

On April 1, 2022, we lowered our unsolicited local currency rating on Turkey and revised our transfer and convertibility (T&C) assessment down to 'B+' from 'BB-'. Our rating on Turkcell is capped by our transfer and convertibility (T&C) assessment on Turkey. Our T&C assessment reflects our view of the likelihood that Turkey would restrict Turkish companies' access to foreign exchange liquidity. Turkcell generates the overwhelming majority of its cash flows in Turkey. As a result, we lowered our long-term issuer credit rating on Turkcell to 'B+' from 'BB-'. The outlook remains negative, mirroring our negative outlook on Turkey. STOCKHOLM (S&P Global Ratings) April 8, 2022-- S&P Global Ratings today took the rating actions listed above. Our rating action follows our

  
Brief Excerpt:

...April 8, 2022 - On April 1, 2022, we lowered our unsolicited local currency rating on Turkey and revised our transfer and convertibility (T&C) assessment down to 'B+' from '##-'. - Our rating on Turkcell is capped by our transfer and convertibility (T&C) assessment on Turkey. Our T&C assessment reflects our view of the likelihood that Turkey would restrict Turkish companies' access to foreign exchange liquidity. Turkcell generates the overwhelming majority of its cash flows in Turkey. - As a result, we lowered our long-term issuer credit rating on Turkcell to 'B+' from '##-'. - The outlook remains negative, mirroring our negative outlook on Turkey. STOCKHOLM (S&P Global Ratings) April 8, 2022-- S&P Global Ratings today took the rating actions listed above. Our rating action follows our revision to Turkey's T&C assessment on April 1, 2022 (see "Turkey Long-Term LC Rating Lowered To 'B+' From '##-'; FC Rating Affirmed At 'B+'; Outlook Remains Negative," published on RatingsDirect). We also...

  
Report Type:

Ratings Action

Ticker
TCELL@TI
Issuer
Turkcell Iletisim Hizmetleri A.S.
GICS
Wireless Telecommunication Services (50102010)
Sector
Global Issuers
Country
Turkey
Region
Latin America
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Telecom Operator Turkcell Downgraded To 'B+' From 'BB-' After Similar Action On Turkey; Outlook Negative" Apr 08, 2022. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Telecom-Operator-Turkcell-Downgraded-To-B-From-BB-After-Similar-Action-On-Turkey-Outlook-Negative-2821548>
  
APA:
S&P Global Ratings’ Credit Research. (). Telecom Operator Turkcell Downgraded To 'B+' From 'BB-' After Similar Action On Turkey; Outlook Negative Apr 08, 2022. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Telecom-Operator-Turkcell-Downgraded-To-B-From-BB-After-Similar-Action-On-Turkey-Outlook-Negative-2821548>
  
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