Credit Rating Grades

Only Turkish company with “investment grade” rating from big 3 credit rating agencies!

In 2015, Turkcell continued to strengthen its financials with its Eurobond issue and the signing of loan agreements with international banks. The clearest sign of a balanced improvement in balance sheet structure and international market confidence in Turkcell is the “investment grade” level ratings Turkcell has received from three leading international credit rating agencies. Turkcell’s bond is also rated in line with the company’s “investment grade” rating by all three rating agencies.

STANDARD & POOR’S

Standard & Poor’s raised Turkcell’s long-term credit rating to investment grade level “BBB-” from “BB+” with a “stable” outlook in September 2015.

The upgrade primarily reflects the improvement in Turkcell’s corporate governance, fully functioning and effective decision making in the structure of the Board of Directors and clearly set long-term financial policy targets. S&P believes that Turkcell will maintain its leading position and profitability in the future due to its superior network quality, and strong spectrum position and reach, as well as its established brand.

MOODY'S

Moody’s upgraded Turkcell’s long-term credit rating to investment grade level “Baa3” from “Ba1” with a “negative” outlook in September 2015.

The upgrade primarily reflects a strong market position, improving corporate governance and strong financial profile and liquidity.

FITCH

Fitch assigned Turkcell a long-term investment grade level “BBB-” credit rating with a “stable” outlook in September 2015.

Fitch’s key rating drivers include Turkcell’s strong position in the Turkish mobile market, growing fixed line operations and sound financial performance.

  S&P MOODY'S FITCH
  Outlook Grade Outlook Grade Outlook Grade
Last Update September 2015 September 2015 September 2015
Local Currency Stable BBB- Negative Baa3 Stable BBB-
LT Foreign Currency Stable BBB- Negative Baa3 Stable BBB-