We expect Deutsche Telekom (DT) to report roughly stable adjusted EBITDA (per the company's definition) in 2014 and solid 4%-6% EBITDA growth in 2015 and 2016. This offsets our expectation of only break-even discretionary cash flow in the next two years, due to higher network and spectrum investments in Germany and the U.S. We are affirming our 'BBB+/A-2' ratings on DT. The stable outlook mainly reflects our expectations of strong EBITDA growth at subsidiary T-Mobile US and resilient earnings in Germany in 2014 and 2015. FRANKFURT (Standard&Poor's) May 15, 2014--Standard&Poor's Ratings Services today said it affirmed its 'BBB+' long-term and 'A-2' short-term corporate credit ratings on Germany's largest telecommunications services provider Deutsche Telekom AG (DT). The
