We expect France Telecom S.A.'s (FT) EBITDA and credit metrics to be impaired by the competitive effects of the entry of a fourth mobile operator to the French mobile telecommunications market this year. We are revising our outlook on FT to negative from stable and affirming our 'A-/A-2' long- and short-term ratings on the company. The negative outlook reflects the possibility that we could lower the ratings by one notch if we perceived that FT's business risk profile had weakened for the foreseeable future, or that metrics would not significantly recover by 2014. PARIS (Standard&Poor's) May 15, 2012--Standard&Poor's Ratings Services said today it revised its outlook on French telecommunications services provider France Telecom S.A. (FT) to
