PARIS (Standard&Poor's CreditWire) Dec.22, 1999--Standard&Poor's today lowered its long-term corporate credit and senior unsecured debt ratings on France Telecom to double-'A' from double-'A'-plus. The ratings remain on CreditWatch where they were placed on July 16, 1999, with negative implications following France Telecom's announcement of its initial investment agreement with the U.K. cable operator NTL Communications Corp. (NTL; single-'B'/Watch Pos/--). France Telecom's 'A-1'-plus short-term corporate credit and commercial paper ratings were affirmed. Upon completion of NTL's proposed acquisition of the consumer operations of Cable&Wireless Communications PLC (CWC; single-'A'-minus/Watch Pos/--)--expected to close in early 2000 after clearance by the U.K. competition authorities --Standard&Poor's expects to lower France Telecom's long-term ratings to double-'A'-minus. Should the
