...Strong Incumbent Positions: As an incumbent operator, Deutsche Telekom, AG (DT) holds strong domestic market shares in both wired and wireless segments. Fitch Ratings believes substantial investments in LTE spectrum and faster network including fibre will support DT's leading position in Germany. Relatively Resilient Core Market: The German telecoms market has experienced much less downward pressure than in most other European countries, supported by robust macroeconomic fundamentals in Germany. We expect modest revenue pressure to continue but year-on-year declines will be contained to the low to mid-single digits. The company remains focused on cost cutting and optimisation, which supports profitability. Pressures in Europe: Competition and the macroeconomic environment are much tougher in DT's European countries of operations, which lead to more pronounced revenue and EBITDA declines. More than a third of DT's European revenues and EBITDA are contributed by mobile- only operators that...
