S&P upgrades Turkcell

Standard & Poor’s said it raised the long-term corporate credit rating on Turkcell Iletisim Hizmetleri AS (Turkcell) to BBB- from BB+.

The outlook is stable.

The upgrade primarily reflects the improvement in Turkcell’s corporate governance following resolution of the long-lasting conflict between its shareholders, S&P said.

During 2015, the group’s board of directors has proven to be effective in decision-making and appears to be fully functioning, the agency said.

The company said it aims to keep leverage well inside a run-rate range of 1x to 2x, S&P said.

Uncertainty over the company’s capital structure development has declined, the agency added.

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