LONDON (Standard&Poor's) Aug. 26, 2003--Standard&Poor's Ratings Services said today that its ratings and outlook on Germany-based telecommunications operator Deutsche Telekom A.G. (BBB+/Stable/A-2), were not affected by the group's offer of €1 billion ($1.1 billion) in cash for the remaining 51% interest in Polska Telefonia Cyfrowa Sp. Z o.o. (PTC; BB+/Stable/--) that it does not currently own. "Standard&Poor's does not see the offer as inconsistent with Deutsche Telekom's debt reduction strategy and the group's commitment to this financial policy has been reaffirmed," said Standard&Poor's credit analyst Simon Redmond. "Although Deutsche Telekom remains over-leveraged for the ratings, we continue to expect the group's ratio of adjusted net debt to EBITDA to improve to a
