Strong position and good cash generation of Turkcell's mobile operation in Turkey. Moderate gross adjusted leverage. Significant cash balances, including large amounts matched to debt currency. Associate investment in well-positioned Eurasian operations. Volatile and currently weak macroeconomic environment in Ukraine and Belarus, and to a lesser extent, Turkey. Currency mismatches and significant short-term debt. Cash burn in Ukraine and Belarus and significant capital spending in Turkey. Rising regulatory pressures and litigation with competitors, and ongoing shareholder disputes. Constraining Turkcell's rating are the volatile Turkish macroeconomic environment, international expansion and significant cash consumption in Ukraine and Belarus, currency mismatches, high short-term debt, continuing legal disputes among the group's major shareholders and significant regulatory pressures. Supportive factors include the company's strong position
