France Telecom SA http://www.alacrastore.com/company-snapshot/France_Telecom_SA-1028227 Tuesday, October 14, 2008 1:58:07 AM 1028227 France Telecom SA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/445504_pr_framefitch/445504_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Bouygues S.A.BT Group plcDeutsche Telekom AGFrance Telecom SAKoninklijke KPN N.V.Portugal Telecom S.G.P.S., S.A.Ste Francaise du Radiotelephone (SFR)Telecom Italia SpATelefonica SATelekomunikacja Polska S.A.Telenor ASA803600458036023580360236803602638036050080360707805206108123264082068470834792698372546510/13/2008 10:12:00 AM0100000001030000010304000104000085Press ReleaseBT.ADTEENFTEKPNPTCTEFTELTITTPS445504_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/440536_pr_framefitch/440536_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Bouygues S.A.BT Group plcDeutsche Telekom AGFrance Telecom SAKoninklijke KPN N.V.Telecom Italia SpATelefonica SATelekomunikacja Polska S.A.Telenor ASAVodafone Group plc8036004580360235803602368036024080360263803605008036070781232640834792698372546510/1/2008 6:31:35 PM0100000001030000010304000104000085Press ReleaseBT.ADTEENFTEKPNTEFTELTITTPSVOD440536_pr_frameCredit & Investment ResearchFitch ResearchFRANCE - In September ####, France Telecom SA (FT) announced that it was seeking a buyer for TopAchat-Clust SA, a Limonest-based provider of ecommerce retail services. Concurrently, FT was seeking a buyer for Alapage.com.9/13/2008 11:43:51 AM81572I89067L81572I35177QSeeking BuyerTopAchat-Clust SASeeking BuyerFrance Telecom SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/France_Telecom_SA_seeking_buyer_for_TopAchat_Clust_SA-2011743040sdc/20117430402011743040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necMiscellaneous Retail TradeFranceRetail stores, nec5999FFForeignSubsidiary12029001Seeking buyerPvd telecom svcsNot ApplicableAssets975026002Sep 13 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Seeking buyerSeeking buyerSeeking buyer1.000002.000003.00000TopAchat-Clust SA, located inLimonest, France, providesecommerce retail services.TopAchat-Clust SA, located in Limonest, France, providesecommerce retail services.TopAchat-Clust SA, located in Limonest, France, provides ecommerce retail services.0.000000.000000.000000.00000N10 Sep 08Wed, 10 Sep 2008 00:00:00 ESTDate Announced: 09/10/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000FRANCE - In September 2008,France Telecom SA (FT)announced that it was seekinga buyer for TopAchat-Clust SA,a Limonest-based provider ofecommerce retail services.Concurrently, FT was seeking abuyer for Alapage.com.FRANCE - In September 2008, France Telecom SA (FT) announced that it was seeking a buyer for TopAchat-Clust SA, a Limonest-based provider of ecommerce retail services. Concurrently, FT was seeking a buyer for Alapage.com.FRANCE - In September 2008, France Telecom SA (FT) announced that it was seeking a buyerfor TopAchat-Clust SA, a Limonest-based provider of ecommerce retail services.Concurrently, FT was seeking a buyer for Alapage.com.FRANCE - In September 2008, France Telecom SA (FT) announced that it was seeking a buyer for TopAchat-Clust SA, a Limonest-based provider of ecommerce retail services. Concurrently, FT was seeking abuyer for Alapage.com.FRANCE - In September 2008, France Telecom SA (FT) announced that it was seeking a buyer for TopAchat-Clust SA, a Limonest-based providerof ecommerce retail services. Concurrently, FT was seeking a buyer for Alapage.com.S Buyer0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:S Buyer-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005961:Catalog and mail-order houses5999:Retail stores, nec7375:Information retrieval services12029001Unknown6799UnknownPrivate4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec6719:Offices of holding companies, nec7375:Information retrieval services148972003Euro P.P.MFrance4813ForeignPublicFTEL0.000000.000000.000000.00000Deal InformationTF Mergers & AcquisitionsFRANCE - In September ####, France Telecom SA (FT) announced that it was seeking a buyer for Alapage.com, an Ivry Sur Seine-based provider of online book retail services. Concurrently, FT was seeking a buyer for TopAchat-Clust SA.9/13/2008 11:43:51 AM81572I00267T81572I35177QSeeking BuyerAlapage.comSeeking BuyerFrance Telecom SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/France_Telecom_SA_seeking_buyer_for_Alapage_com-2011744040sdc/20117440402011744040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necMiscellaneous Retail TradeFranceCatalog and mail-order houses5961FFForeignSubsidiary12029001Seeking buyerPvd telecom svcsNot ApplicableAssets613457002Sep 13 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Seeking buyerSeeking buyerSeeking buyer1.000002.000003.000004.000005.00000Alapage.com, located in IvrySur Seine, France, provideonline book retail services.The company was founded in1996.Alapage.com, located in Ivry Sur Seine, France, provideonline book retail services. The company was founded in1996.Alapage.com, located in Ivry Sur Seine, France, provide online book retail services. The company was founded in 1996.0.000000.000000.000000.00000N10 Sep 08Wed, 10 Sep 2008 00:00:00 ESTDate Announced: 09/10/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.00000FRANCE - In September 2008,France Telecom SA (FT)announced that it was seekinga buyer for Alapage.com, anIvry Sur Seine-based providerof online book retailservices. Concurrently, FT wasseeking a buyer forTopAchat-Clust SA.FRANCE - In September 2008, France Telecom SA (FT) announced that it was seeking a buyer for Alapage.com, an Ivry Sur Seine-based provider of online book retail services. Concurrently, FT was seeking a buyer for TopAchat-Clust SA.FRANCE - In September 2008, France Telecom SA (FT) announced that it was seeking a buyerfor Alapage.com, an Ivry Sur Seine-based provider of online book retail services.Concurrently, FT was seeking a buyer for TopAchat-Clust SA.FRANCE - In September 2008, France Telecom SA (FT) announced that it was seeking a buyer for Alapage.com, an Ivry Sur Seine-based provider of online book retail services. Concurrently, FT was seekinga buyer for TopAchat-Clust SA.FRANCE - In September 2008, France Telecom SA (FT) announced that it was seeking a buyer for Alapage.com, an Ivry Sur Seine-basedprovider of online book retail services. Concurrently, FT was seeking a buyer for TopAchat-Clust SA.S Buyer0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:S Buyer-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005942:Book stores5961:Catalog and mail-order houses5999:Retail stores, nec7375:Information retrieval services12029001Unknown6799UnknownPrivate4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec6719:Offices of holding companies, nec7375:Information retrieval services148972003Euro P.P.MFrance4813ForeignPublicFTEL0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/73597cs/73597norm France Telecom #Q## Tearsheet Ratings stable under current conditions, given strong credit metrics and governmental support, though major event risk would be expected to weigh heavily on agency views.In medium term FTE will be better...73597616YesC2Tearsheet280tearsheets/premium369/9/2008 12:07:05 PM150173597Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/bir/1146883bir/1146883normFrance Telecom S.A.FranceCommunications: Telecommunications services. Cable television.481348124822489948415171105152105172125179109IMFTE8/26/2008 6:21:30 AM1146883Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/cs/73351cs/73351norm European Telecoms: #Q## Recap and Relative Value Update With liquidity and capital market access strong for all players, we see stability of cash flow generation and event risk as the primary drivers in the European telecoms space....733515169YesD0Article88611361283225324319281221280corp3666Earnings Reports - TMT8/18/2008 10:06:00 PM150We review our relative value take on the European Telecoms industry, weighing up risk vs. reward for each of the names we cover, with particular focus on emerging trends seen in 2Q08 results.73351Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73165cs/73165norm Spanish Communications Market Update August ####: Modest Slip or Major Tumble? The Spanish marketplace has become increasingly challenging in the wake of a slowdown of broadband growth and greater pressures on mobile, particularly prepay....280corphy3642High Yield8/18/2008 12:05:00 AM150We reflect on the changing landscape of the Spanish communications market, brought into the spotlight in the wake of VOD's unexpectedly weak showing in 2Q08.731651946YesD0Article210788632422531973165Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72834cs/72834norm France Telecom #Q##: The Incumbent Silver Lining? France Telecom reported organic revenue growth for all its business lines, with mature markets contributing an impressive #.#% of the group's #.#% YoY growth. In France, FTE has been...728342241YesD0Article280corp3666Earnings Reports - TMT8/6/2008 11:06:34 PM150France Telecom reported impressive results for 1H08, building further on its solid revenue numbers in 1Q08. We assess FTE's domestic performance and its implications for incumbents across Europe.72834Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/395426_report_framefitch/395426_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.France Telecom SA803602368/4/2008 10:11:00 AM010000000103000001030400425Full Rating ReportFTE395426_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/428059_pr_framefitch/428059_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.France Telecom SA803602368/4/2008 10:11:00 AM01000000010300000103040085Press ReleaseFTE428059_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/ccbn/B1913425ccbn/B1913425norm...Western European countries, especially France, UK, Poland, Switzerland, and Belgium had #% revenue growth in #H##. ... 7/31/2008 4:06:00 PMFrance Telecom54.0000EditedFrance Telecom Q2 2008 Earnings Conference Call SummaryFTE2:30pm CETBriefB1913425Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1913425ccbn/T1913425norm...Good afternoon, ladies and gentlemen, and welcome to France Telecom half-year #### results conference call. The call will be hosted by Gervais Pellissier, Group CFO, with members of FT's Executive Committee and countries' managers for the Q&A session that will start after Gervais Pellissier's presentation. The IH #### presentation contains a cautionary statement. Two items have to be underlined. Also, France Telecom believes these statements are based on reasonable assumptions. These forward-looking statements are subject to numerous risks and uncertainties. There can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. More detailed information on the potential risks that could affect France Telecom's financial results can be found in the registration document filed with the French authority, de Marches Financiers, and in the Form ##-F filed with the US Securities and Exchange Commission.Thank you, and let me hand over to Gervais... 7/31/2008 2:06:00 PMFrance Telecom54.0000FinalFrance Telecom Q2 2008 Earnings Conference Call TranscriptFTE2:30pm CETTranscriptT1913425Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/cs/72308cs/72308norm TeliaSonera #Q##: Performance Improved, But Questions Remain Operational performance was improved in #Q## with revenue up #.#% YoY in local currency and improvement in group EBITDA margin to ##.#%. Mobility, particularly mobile broadband,...723081729YesD0Article225324280corp3666Earnings Reports - TMT7/28/2008 9:04:00 PM150TeliaSonera reported improved operational results for 2Q08. Though near-term risk has cooled following FTE's fail bid in June 2008, event risk remains an important driver of the credit.72308Credit & Investment ResearchCreditSightsSPAIN - France Telecom SA acquired an undisclosed minority stake from France Telecom Espana, a provider of wireless telecommunications services, from Caja de Ahorros y Monte de Piedad de Navarra.7/23/2008 11:21:04 AM35177Q35198P35177Q12812RFrance Telecom SAFrance Telecom Espana SAFrance Telecom SACaja de Ahorros y Monte de Piedad de Navarrahttp://www.alacrastore.com/storecontent/Thomson_M%26A/France_Telecom_SA_acquires_a_minority_stake_in_France_Telecom_Espana_SA_from_Caja_de_Ahorros_y_Monte_de-1997756040sdc/19977560401997756040Copyright © 2008, Thomson Financial, All Rights ReservedEuro P.P.MTelecommunicationsFranceTelephone communications, except radiotelephone4813FFForeignPublicFTEL4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec6719:Offices of holding companies, nec7375:Information retrieval services4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec6719:Offices of holding companies, nec7375:Information retrieval servicesJones DayTelecommunicationsSpainRadiotelephone communications4812FFForeignSubsidiary148972003Pvd telecom svcsComl bankUnspecifiedStock1025597001Jul 23 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.0000027.0000028.0000029.0000030.0000031.0000032.00000France Telecom SA, located inParis, France, providestelecommunications, mobiletelephony, digital televisionand multimedia content andwireless broadband service.The Group's principal activityis to providetelecommunications services toresidential, personal andlarge businesses. The Groupoffers services through sixsegments- Orange, Wanadoo,Equant, TP Group, Other bigoperators and Internationalproviders. Major lines ofbusiness include providingpublic fixed-line voicedtelephone services,videoconferencing, mobiletelecommunication services,broadcasting services andInternet and wirelessapplications. Their clientsare service providers, systemintegrators and operators. TheGroup operates in France, theUnited Kingdom, Spain, Polandand Latin America, Asia,Middle East and parts ofEurope. The company wasfounded in 1991.France Telecom SA, located in Paris, France, providestelecommunications, mobile telephony, digital television andmultimedia content and wireless broadband service. TheGroup's principal activity is to provide telecommunicationsservices to residential, personal and large businesses. TheGroup offers services through six segments- Orange, Wanadoo,Equant, TP Group, Other big operators and Internationalproviders. Major lines of business include providing publicfixed-line voiced telephone services, videoconferencing,mobile telecommunication services, broadcasting services andInternet and wireless applications. Their clients areservice providers, system integrators and operators. TheGroup operates in France, the United Kingdom, Spain, Polandand Latin America, Asia, Middle East and parts of Europe.The company was founded in 1991.France Telecom SA, located in Paris, France, provides telecommunications, mobile telephony, digital television and multimedia content and wireless broadband service. The Group's principal activity is to provide telecommunications services to residential, personal and large businesses. The Group offers services through six segments- Orange, Wanadoo, Equant, TP Group, Other big operators and International providers. Major lines of business include providing public fixed-line voiced telephone services, videoconferencing, mobile telecommunication services, broadcasting services and Internet and wireless applications. Their clients are service providers, system integrators and operators. The Group operates in France, the United Kingdom, Spain, Poland and Latin America, Asia, Middle East and parts of Europe. The company was founded in 1991.1.000002.000003.00000France Telecom Espana SAprovides wirelesstelecommunication services.France Telecom Espana SA provides wireless telecommunicationservices.France Telecom Espana SA provides wireless telecommunication services.0.000000.000000.000000.00000Y22 Jul 08Tue, 22 Jul 2008 00:00:00 ESTDate Announced: 07/22/200822 Jul 08Date Effective: 07/22/200822 Jul 08Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000SPAIN - France Telecom SAacquired an undisclosedminority stake from FranceTelecom Espana, a provider ofwireless telecommunicationsservices, from Caja de Ahorrosy Monte de Piedad de Navarra.SPAIN - France Telecom SA acquired an undisclosed minority stake from France Telecom Espana, a provider of wireless telecommunications services, from Caja de Ahorros y Monte de Piedad de Navarra.SPAIN - France Telecom SA acquired an undisclosed minority stake from France TelecomEspana, a provider of wireless telecommunications services, from Caja de Ahorros y Montede Piedad de Navarra.SPAIN - France Telecom SA acquired an undisclosed minority stake from France Telecom Espana, a provider of wireless telecommunications services, from Caja de Ahorros y Monte de Piedad de Navarra.SPAIN - France Telecom SA acquired an undisclosed minority stake from France Telecom Espana, a provider of wireless telecommunicationsservices, from Caja de Ahorros y Monte de Piedad de Navarra.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004812:Radiotelephone communications4899:Communications services, nec148972003Euro P.P.MFrance4813ForeignPublicFTEL6000:Banks571786002Spain6000ForeignPrivate0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/72002cs/72002norm Vodafone #Q##/##: Pain in Spain Erases Gains VOD's interim revenue figures were disappointing as an unexpected #.#pp sequential decline in organic growth in Spain to -#.#% created a major drag on the group. Thus far VOD's experience...720022611YesD0Article2253028862107280corphy3666Earnings Reports - TMT7/23/2008 12:05:28 AM150Vodafone issued a disappointing interim management statement for 1Q08/09, with performance in Spain particularly challenging. We assess the implications for VOD and the European telecoms space as a whole.72002Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26800111newstex/PRN-0005-26800111xml MONTREAL, Jul. ##, #### (PRNewswire delivered by Newstex) -- Sipro Lab Telecom (Sipro), the G.### Patent Pool Licensing Administrator, is pleased to announce that Toshiba Corporation has joined the G.### Consortium. The G.### Consortium...040000000401800004003000040030070400300504016000040160310200000002002000020020087/21/2008 3:21:55 PM180000001801800019000000190030001900200019002012PR Newswire USPRN-0005-26800111FRANCE TELECOMNIPPON TELEGRAPH & TELEPHONE CORPFTENTTNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0001-26800860newstex/PRN-0001-26800860xml MONTREAL, Jul. ##, #### (Canada NewsWire Group delivered by Newstex) -- /CNW/ -- Sipro Lab Telecom (Sipro), the G.### Patent Pool Licensing Administrator, is pleased to announce that Toshiba Corporation has joined the G.### Consortium....040000000401800004003000040030070400300504016000040160310200000002002000020020087/21/2008 3:21:54 PM180000001801800019000000190030001900200019002012Canada NewsWire GroupPRN-0001-26800860FRANCE TELECOMNIPPON TELEGRAPH & TELEPHONE CORPFTENTTNewsNewstexhttp://www.alacrastore.com/storecontent/cs/71308cs/71308norm Spanish Communications Market Update July #### Recent regulatory data suggests broadband growth continues to slow with #.#% growth in Apr. #### (vs. #.#% year-ago) prompting operators to adopt more aggressive acquisition and retention...713081963YesD0Article8862107225280corphy3642High Yield7/4/2008 1:06:40 AM150With regulatory data and company comments suggesting a ramp up in competitive pressure we examine the trends in the Spanish telecoms market and what they mean for the major players, TEF, Orange, VOD and, most importantly, ONO.71308Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70901cs/70901norm France Telecom #Q## Tearsheet Ratings stable under current conditions, given strong credit metrics and governmental support, though major event risk is expected to weigh heavily on agency views.In medium term FTE will be better off...70901607YesC21Tearsheet280tearsheets/premium366/30/2008 12:06:22 AM15070901Credit & Investment ResearchCreditSights