Good business diversity. Strong market positions in Germany. Strong underlying cash flow generation, with ongoing emphasis on efficiency. Solid growth prospects in the U.S. Measured financial policy. High gross, debt with minimum ratings headroom for acquisitions. Ambitious investment plans, with uncertain returns due to competition or regulation. High domestic competitive pressures, with competition continuing in other markets. Low growth prospects in domestic market. The ratings on Germany's largest telecommunications services provider Deutsche Telekom AG (DT) primarily reflect the group's strong business positions across a number of markets and underlying solid financial performance in its core domestic fixed-line telephony market, assisted by the uptake of broadband in Germany. The ratings are also supported by the business and operating progress and growing
