LONDON (Standard&Poor's) Dec. 12, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on Germany's largest telecommunications services provider Deutsche Telekom AG (DT; BBB+/Stable/A-2) were unaffected by news that DT would tighten its financial policy guidance for leverage to a range of 2.0x to 2.5x net debt to EBITDA from 2.0x to 3.0x. While this announcement provides some clarification and comfort regarding the potential capital structure evolution of the company and is in effect a more conservative financial policy stance, there is no ratings impact, given both our expectations for the rating and our understanding of DT's financial policy prior to this announcement. DT's lease- and pension-adjusted debt to EBITDA for the 12 months ended
