while the S 500 dipped 1.4%. Fitch considers the assets may yet be of strategic interest to TCELL and that management remains committed to investing outside of Turkey. FX and Leverage: Ongoing depreciation of the TRL (which has lost around 18% against the USD from July 2016 to end 2016) and management's desire to leverage the balance sheet up to 1.5x net debt/EBITDA (1.5x 2.0x in the event of M 0.6x at 3Q16) provide scope for a relatively material increase in leverage. Target leverage nonetheless remains in line with our ratings threshold for TCELL at 'BBB '.
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