MADRID (Standard&Poor's) June 5, 2008--Standard&Poor's Ratings Services said today that its ratings and outlooks on telecommunications operators France Telecom S.A. (FT; A-/Stable/A-2) and TeliaSonera AB (A-/Stable/A-2) remain unaffected, at this stage, by FT's announcement this morning of an indicative offer to acquire the Nordic operator for a mixture of cash--52%, in euros, equivalent to Swedish krona 63 (€6.8) per TeliaSonera share--and shares (48%). TeliaSonera's board of directors has rejected the offer on grounds that it substantially undervalues the company. Standard&Poor's will continue to monitor the situation. If TeliaSonera's board or its main shareholders accept to negotiate with FT, we will likely place our ratings on both companies on CreditWatch with negative implications as an
