International Ratings

• Local currency rating Ba2
• Foreign currency rating Ba2
• Outlook Positive

On January 8, 2010, Moody's affirmed Turkcell's Ba2 foreign and local currency ratings and upgraded the Company's outlook from "stable" to "positive." Moody's attributed this revision to the Company's robust operational and financial performance, as well to as its profitability, sustainable cashflow generation capacity, and the positive momentum in its Ukraine business.

• Local currency rating BBB-
• Foreign currency rating BBB-
• Outlook Stable

On March 18, 2010, Fitch Ratings affirmed Turkcell's longterm foreign and local currency Issuer Default Ratings (IDR) at "BBB -", respectively. The outlook on both IDRs is "Stable".

Fitch Ratings claim that the ratings reflect Turkcell's leading market share in Turkey's mobile telecom sector, despite increased competition, as well as strong credit metrics compared with peers in the neighboring region.

• Local currency rating BB+
• Foreign currency rating BB+
• Outlook Positive

On January 26, 2011, S&P upgraded the outlook on Turkcell's long-term foreign currency rating from "stable" to "positive" and affirmed both Turkcell's long-term foreign currency and local currency ratings as "BB +". With this rating evaluation, Turkcell remains S&P's highest rated company in Turkey.

The revision primarily reflects Turkcell's improving profitability and the increasing profitability of Turkcell subsidiaries, particularly Superonline in Turkey and Astelit in Ukraine, as well as the Company's improving cash generation ability.