Strong business position in the dynamic Turkish cellular telephony market Solid underlying revenue, margin, and cash flow operating performances Low financial leverage Comfortable cash balances Volatile macroeconomic and currency environments Ongoing disputes among ultimate shareholders Some exposure to foreign-currency-denominated debt Rapidly increasing domestic competitive pressures The rating on leading Turkish mobile telecommunications group Turkcell Iletisim Hizmetleri A.S. is constrained by the volatile Turkish macroeconomic environment, and resulting currency swings; international expansion in Ukraine; legal disputes among the company's major shareholders; and rapidly rising competition in the Turkish mobile market. The rating is underpinned by Standard&Poor's Ratings Services' expectation that the company will continue to perform well operationally amid macroeconomic uncertainties and increasing competition in the dynamic Turkish mobile
