LONDON (Standard&Poor's) May 26, 2006--Standard&Poor's Ratings Services said today it revised its outlook on French telecommunications services provider France Telecom S.A. to stable from positive, due to operating and financial pressures on the group. At the same time, Standard&Poor's affirmed all its ratings on the group, including its 'A-/A-2' corporate credit ratings. The outlook revision reflects the lower probability of a one-notch upgrade of the long-term rating on France Telecom over the medium term given the increasing operating and financial pressures on the group. The possibility of a one-notch upgrade for France Telecom would depend on the group achieving and sustaining its stated leverage target of unadjusted net debt to gross operating margin (GOM;
