Turkcell Iletisim Hizmetleri A.S. Proposed Bonds Issuance Rated 'BB'

PARIS (S&P Global Ratings) Jan. 13, 2025--S&P Global Ratings today assigned its 'BB' rating to the proposed US$1 billion unsecured notes to be issued by Turkcell Iletisim Hizmetleri A.S. (Turkcell). The notes will be issued in two tranches, including about US$500 million fixed-rate notes and about US$500 million sustainable bonds with maturities between five years and 10 years. The notes will rank pari passu with all of Turkcell's existing unsecured debt. On Sept. 30, 2024, Turkcell's debt structure comprised about TRY3.894 billion in leases, about TRY58.886 billion in unsecured loans, about TRY6.062 billion in secured loans, and about TRY37.886 billion in other unsecured debt. Most debt is issued by Turkcell and the company's leverage is modest. As a result, our

...January 13, 2025 PARIS (S&P Global Ratings) Jan. 13, 2025--S&P Global Ratings today assigned its '##' rating to the proposed US$1 billion unsecured notes to be issued by Turkcell Iletisim Hizmetleri A.S. (Turkcell). The notes will be issued in two tranches, including about US$500 million fixed-rate notes and about US$500 million sustainable bonds with maturities between five years and 10 years. The notes will rank pari passu with all of Turkcell's existing unsecured debt. Turkcell intends to use these proceeds for eligible sustainable projects that align with its sustainable finance framework and general corporate purposes, including the refinancing of its near-term debt maturities. As of Sept. 30, 2024, Turkcell had about Turkish lira (TRY) 36 billion (equivalent to about US$1 billion) debt maturing within the next 12 months. In addition, the company's next significant maturity is the US$500 million 5.75% fixed rate notes due Oct. 15, 2025. Beyond the positive impact on liquidity, we view...

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