PARIS (Standard&Poor's) Dec. 1, 2006--Standard&Poor's Ratings Services said today it raised to 'BB-' from 'B+' its long-term foreign currency corporate credit rating on Turkcell Iletisim Hizmetleri A.S., the leading Turkish mobile telecommunications group. The outlook is stable. "The upgrade reflects Turkcell's maintenance of a moderate financial profile, reductions in currency mismatches, and solid operating performance," said Standard&Poor's credit analyst Patrice Cochelin. Rating constraints are the volatile Turkish macroeconomic environment, namely currency swings; international expansion in Ukraine; legal disputes among the company's major shareholders; and rapidly rising competition in the Turkish mobile market. The ratings are underpinned by the expectation that the company will continue to perform well operationally amid macroeconomic uncertainties and increasing competition
