MILAN (Standard&Poor's) Feb. 15, 2002--Standard&Poor's today assigned its long-term triple-'B'-plus rating to telecommunications operator France Telecom's €15 billion senior unsecured syndicated bank loan. The rating reflects the structure and payout priorities under a default scenario. The €15 billion multicurrency revolving credit facility encompasses a €5 billion 364-day facility--with a one-year term-out option--and a €10 billion three-year facility. The margin for both tranches ratchets in line with a ratings grid, which, for the one-year facility, ranges between 42.5 basis points for an 'A+' rating and 120 basis points for a 'BBB-' rating or lower, and, for the three-year facility, ranges between 47.5 basis points for an 'A+' rating and 125 basis points for a 'BBB-' rating or
