MILAN (Standard&Poor's) July 10, 2002--Following its revision of the outlook on the Republic of Turkey to negative from stable (please see press release dated July 9, 2002, on RatingsDirect, Standard&Poor's Web-based credit-analysis service), Standard&Poor's said today that it has maintained its negative outlook on Turkcell Iletisim Hizmetleri A.S. (Turkcell), Turkey's leading operator of mobile telephony. At the same time, Standard&Poor's affirmed its foreign currency single-'B'-minus long-term corporate credit rating on Turkcell. The outlook revision on Turkey reflects Standard&Poor's concerns that political instability could persist and jeopardize the IMF-supported economic program. "Turkcell's capacity to meet its financial obligations in 2002 will depend mainly on its ability to steadily increase cash balances
