The 'BBB+' rating on the government-related entity (GRE) Deutsche Telekom AG (DT) is based on Standard&Poor's Ratings Services' assessment of the company's stand-alone credit profile (SACP) at 'bbb+'. We have not factored any state support into the current rating on DT, which is therefore at the same level as the SACP. We assess at "low" the likelihood that the Federal Republic of Germany (unsolicited ratings, AAA/Stable/A-1+; which directly and indirectly controls 32% of DT's common shares) would provide timely and sufficient extraordinary government support for DT in the event of financial distress. We base this assessment on our view that DT's role as a GRE is of "limited importance" for the German state due to the existence of
