Strong position and good cash generation of Turkcell's mobile operations in Turkey. Moderate gross adjusted leverage. Significant cash balances, including large amounts matched to debt currency. Investment in an associate in well-positioned Eurasian operations. Ongoing shareholder disputes, negatively affecting corporate governance. Volatile and weak economic environment in Ukraine and Belarus, and to a lesser extent, Turkey. Exposure to foreign exchange risk and sizable short-term debt. Risk of further regulatory pressure. The rating on Turkey-based telecommunications provider Turkcell Iletisim Hizmetleri A.S. is based Standard&Poor's Ratings Services view of Turkcell's "fair" business risk profile and "intermediate" financial risk profile. Turkcell's business risk profile is primarily constrained by our assessment of its "management and governance" as "weak," according to our criteria.
