On Nov. 1, 2024, we raised our unsolicited long-term sovereign credit ratings on Turkiye to 'BB-' and revised our transfer and convertibility (T&C) assessment to 'BB' from 'BB-', signifying that the risk of the sovereign preventing private-sector debtors from servicing foreign currency-denominated debt is diminished. We rate Turkcell Iletisim Hizmetleri A.S. (Turkcell) above the sovereign because it passes our hypothetical sovereign default stress, but the ratings are capped at the level of our T&C assessment on Turkiye, since Turkcell generates more than 90% of its revenues in the country. As a result, we raised the long-term issuer credit rating on Turkcell to 'BB' from 'BB-'. We also raised the issue rating on the senior unsecured debt to 'BB' from 'BB-',
