On May 28, 2004, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term corporate credit ratings on Germany's dominant telecommunications services provider Deutsche Telekom A.G. (DT). At the same time, the long-term rating was removed from Creditwatch, where it had been placed on March 10, 2004. The outlook is now positive. The affirmation, which follows a review of the group's medium-term business and financial strategies, reflects the fact that DT's credit profile and financial policy remain, for now, commensurate with a 'BBB+' rating. At the same time, Standard&Poor's acknowledges the likelihood of continued steady improvement in DT's credit measures in the near term, on the back of substantial excess free cash flow generation. The group
