S&P Global Upgrades Turkcell's Credit Rating

Following S&P Global's unrequested upgrade of Turkey's long-term country credit rating to 'BB-', it has also upgraded Turkcell's credit ratings.

S&P Global stated, "We rate Turkcell (IS: TCELL) Communications Services Inc. (Turkcell) above the country rating, indicating that the risk of private sector borrowers in the country failing to meet their foreign currency obligations has diminished. We assess Turkcell above the country rating because it passes our hypothetical country default stress test; however, since Turkcell generates over 90% of its revenues in Turkey, the ratings are constrained at the level of our T&C assessment for Turkey.

As a result, we have raised Turkcell's long-term issuer credit rating from 'BB-' to 'BB'. Additionally, in line with the issuer credit rating, we have upgraded the rating on the senior unsecured debt issuance from 'BB-' to 'BB'. The outlook is stable, in line with the outlook on Turkey's long-term rating."