Robust market position in its home country, Germany. Strong and resilient free operating cash flow generation. Some portfolio diversification. Measured financial policy. High Standard&Poor's-adjusted financial leverage relative to the ratings. Operational and competitive challenges in the U.S. Strong competitive and regulatory pressures. The ratings on Deutsche Telekom AG (DT), one of the world's largest integrated telecommunications operators, reflect Standard&Poor's Ratings Services' assessment of DT's business risk profile as "strong". This is underpinned by its strong market position in Germany and the group's large and diversified operations across Western Europe, Southern and Eastern Europe, and the U.S. These strengths, coupled with the telecom industry's only moderate cyclicality and ongoing efficiency initiatives, are likely to allow DT to
