Strong position and good cash generation of Turkcell's mobile operations in Turkey. Moderate gross adjusted leverage. Significant cash balances, including large amounts matched to debt currency. Investment in an associate in well-positioned Eurasian operations. Volatile and weak economic environment in Ukraine and Belarus, and to a lesser extent, Turkey. Currency mismatches and sizable short-term debt. Cash burn in Ukraine and Belarus and substantial capital spending in Turkey. Rising regulatory pressures, litigation with competitors, and ongoing shareholder disputes. The ratings on Turkey-based telecommunications provider Turkcell Illetisim Hizmetleri A.S. reflect Standard&Poor's Ratings Services view of Turkey's volatile economic environment, as well as Turkcell's international expansion and significant cash consumption in Ukraine and Belarus, currency mismatches, high short-term debt, continuing legal
