LONDON (Standard&Poor's) April 22, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on Deutsche Telekom AG (BBB+/Stable/A-2), Germany's largest telecommunications services provider, are unchanged by the company's downward revision of guidance for 2009 EBITDA and free cash flow. On April 21, 2009, Deutsche Telekom announced that it expects 2009 EBITDA to be 2%-4% lower than that in 2008. Free cash flow, meanwhile, will be €0.6 billion lower than earlier guidance of about €7.0 billion. These revisions assume steady exchange rates and no further significant deterioration in the economy. Deutsche Telekom's adjusted debt to EBITDA ratio for full year 2008 was 3.1x. We consider that pro forma for a €0.6 billion reduction in EBITDA and
