Strong position in the Turkish mobile market. Robust operating performance. Superior mobile network quality and strong spectrum position. Volatile and weak economic environment in Turkey, Ukraine, and Belarus. Intense competition in the Turkish mobile market. Strong credit ratios. Some exposure to foreign exchange risk due to a mismatch between earnings and debt currencies. Negative free operating cash flow due to large spectrum installments and investments in mobile and fixed networks. The negative outlook on telecommunications operator Turkcell Iletisim Hizmetleri A.S. reflects the negative outlook on the Republic of Turkey, meaning that a negative rating action on the sovereign could potentially lead to a downgrade of Turkcell. In addition to a negative rating action on the sovereign, we could also downgrade
