MILAN (Standard&Poor's) Feb. 5, 2002--Standard&Poor's said today that the implementation of France Telecom's debt reduction program is in line with its expectations, and hence the ratings on the group (BBB+/Negative/A-2) remain unchanged. It added, however, that the French telecommunications operator needs to continue to actively deleverage its balance sheet through 2002 to maintain its current ratings; at least €7 billion of asset disposals are expected over the year. Standard&Poor's continues to closely monitor the developments regarding France Telecom's 28%-owned German associate, Mobilcom. The financial contingency associated with Mobilcom was the main factor behind Standard&Poor's outlook revision to negative on France Telecom in September 2001. Any indication that this contingency would materialize (France
