LONDON (Standard&Poor's) June 28, 2004--Standard&Poor's Ratings Services said today it assigned its 'BBB+ long-term senior unsecured debt rating to France Telecom S.A.'s (BBB+/Positive/A-2) new €10 billion ($12 billion) five-year revolving credit facility. "The new €10 billion revolving credit facility has been rated at the same level as the long-term corporate credit ratings on France Telecom, reflecting the unsecured nature of the liabilities and the lack of material subordination issues," said Standard&Poor's credit analyst Leandro de Torres Zabala. The facility will be used for refinancing existing debt as well as working capital and general corporate purposes. Pricing for the new facility will move in line with any changes to the corporate credit rating on France
