On July 10, 2003, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term corporate credit ratings on Germany-based fixed-line and mobile telecommunications operator Deutsche Telekom AG and related entities following a review. The outlook is stable. The ratings on Deutsche Telekom continue to be underpinned by the expectation that the group can deliver on its demanding free cash flow targets despite its aggressive leverage. Deutsche Telekom is now generating sustainable free cash flow and targeting €5 billion-€6 billion ($5.7 billion-$6 billion) free cash flow per year from 2003. Standard&Poor's assessment of Deutsche Telekom's credit quality is heavily reliant on the expectation of this free cash flow generation over the medium term. Deutsche Telekom's ratio of
