Turkcell Outlook Revised To Negative After Similar Rating Action On Sovereign; 'BBB-' Rating Affirmed

On Jan. 27, 2017, we revised our outlook on Turkey to negative from stable and affirmed our 'BB' long-term foreign currency rating. We continue to assess that Turkcell's rating can exceed the sovereign rating by two notches and we are therefore affirming our 'BBB-' long-term rating on Turkcell. However, we are revising our outlook on Turkcell to negative from stable because a downgrade of Turkey could lead to a downgrade of Turkcell. STOCKHOLM (S&P Global Ratings) Feb. 1, 2017--S&P Global Ratings today revised its outlook on Turkish mobile telecommunications operator Turkcell Iletisim Hizmetleri A.S. (Turkcell) to negative from stable. At the same time, we affirmed our 'BBB-' long-term corporate credit rating on the company. The outlook revision stems from a

...+ On Jan. 27, 2017, we revised our outlook on Turkey to negative from stable and affirmed our '##' long-term foreign currency rating. + We continue to assess that Turkcell's rating can exceed the sovereign rating by two notches and we are therefore affirming our '###-' long-term rating on Turkcell. + However, we are revising our outlook on Turkcell to negative from stable because a downgrade of Turkey could lead to a downgrade of Turkcell. STOCKHOLM (S&P Global Ratings) Feb. 1, 2017--S&P Global Ratings today revised its outlook on Turkish mobile telecommunications operator Turkcell Iletisim Hizmetleri A.S. (Turkcell) to negative from stable. At the same time, we affirmed our '###-' long-term corporate credit rating on the company. The outlook revision stems from a similar action on our foreign currency rating on Turkey (see "Republic of Turkey Outlook Revised To Negative; Ratings Affirmed," published Jan. 27, 2017, on RatingsDirect). Because we limit our rating on Turkcell to two notches...

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