Strong position on the Turkish mobile market Low gross leverage Large cash balances, including large amounts matched to debt currency Cash burn in Ukraine and Belarus Shareholder disputes Currency mismatches and volatile domestic environment Constraining the rating on leading Turkish mobile telecommunications group Turkcell Iletisim Hizmetleri A.S. are the volatile Turkish macroeconomic environment, potential currency swings, international expansion in Ukraine and Belarus, and continuing legal disputes among the group's major shareholders. Supportive factors include the company's strong performance in the dynamic but gradually maturing Turkish mobile telephony market, good cash flow generation, and conservative balance sheet. Competitors, including Vodafone Group PLC (A-/Stable/A-2), have only eroded Turkcell's market share to a limited extent (it was 56% at Sept. 30, 2008, compared
