Strong business position (with about 15 million customers) in the dynamic Turkish cellular telephony market; and Sound operating performance, reflecting Turkcell's ability to raise tariffs in line with any lira devaluation, while limiting the decrease in minutes of cellular use among its subscriber base. Exposure to foreign-currency-denominated debt ($1.4 billion at end-September 2002), Exposure to the volatile macroeconomic environment in Turkey, and The medium-term threat of increased competition, owing to the granting of GSM licenses to two new competitors in 2001. The ratings on Turkcell Iletisim Hizmetleri A.S. (Turkcell)--the leading GSM (global system for mobile communications) operator in Turkey--reflect the company's high exposure to foreign currency denominated debt and to the macroeconomic environment in Turkey. These weaknesses are mitigated by
