MADRID (Standard&Poor's) June 21, 2007--Standard&Poor's Ratings Services said today that its ratings and outlook on French telecommunications services provider France Telecom S.A. (FT; A-/Stable/A-2) are unaffected by the group's announcement today that, together with Mid Europa Partners, it has been selected to acquire One GmbH, Austria's No. 3 mobile-phone operator. The transaction will not require any cash outlay by FT and will hence have no impact on its net-debt ratio targets. This further demonstrates FT's commitment to complying with its stated conservative financial policy target of net debt (as defined by FT under IFRS) to EBITDA of 2x by year-end 2008. The proceeds from the sale of FT's current 17.45% stake in One and the reimbursement
