MILAN (Standard&Poor's) March 10, 2004--Standard&Poor's Ratings Services said today it that it has placed its 'BBB+' long-term corporate credit ratings on German fixed-line and mobile telecoms operator Deutsche Telekom AG (DT) and its majority-owned subsidiary Magyar Távközlési Rt. (Matáv) on CreditWatch with positive implications. At the same time, DT's 'A-2' short-term corporate credit rating was affirmed. "The CreditWatch placement follows DT's announcement today of its fourth-quarter and full-year 2003 results, which include materially higher-than-expected free cash flow generation: €8.3 billion for the full year, compared with our expectations of about €7 billion based on performance over the first nine months," said Standard&Poor's Milan-based credit analyst Guy Deslondes. As a result, debt reduction exceeded expectations,
