Robust position in its home German market. Strong and resilient free operating cash flow generation. Good 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" and its financial risk profile as "intermediate". DT's business risk profile is primarily underpinned by the group's strong market position in Germany, its large and diversified operations across Western Europe, Southern and Eastern Europe, and the U.S., as well as our expectations of resilient profit margins in the
