PARIS (Standard&Poor's) Sept. 6, 2001--Following France Telecom's announcement yesterday of its first-half 2001 results and revised debt-reduction and credit ratio projections up to 2003, Standard&Poor's today took the following rating actions: -- Placed on CreditWatch with negative implications its single-'A'-minus long-term corporate credit and senior unsecured debt ratings on France Telecom and U.K-based mobile telephone subsidiary Orange PLC; -- Affirmed its 'A-2' short-term corporate credit and commercial paper ratings on France Telecom; -- Affirmed its triple-'B' long-term corporate credit rating on 25%-owned Polish telecommunications operator Telekomunikacja Polska S.A. (TPSA) and triple-'B' senior unsecured debt ratings on guaranteed subsidiaries TPSA Eurofinance B.V. and TPSA Finance B.V. Although France Telecom's first-half results reveal sustained increases in sales and
