We expect Deutsche Telekom (DT) to report adjusted EBITDA growth (per the company's definition) of about 10% in 2015 and about 5% in 2016. This offsets our expectation of only mildly positive cumulative discretionary cash flow in the next two years, primarily due to significant network and spectrum investments in Germany and the U.S. We are affirming our 'BBB+/A-2' ratings on DT. The stable outlook mainly reflects our expectations of strong EBITDA growth at subsidiary T-Mobile US, resilient earnings in Germany, and a modest improvement in credit metrics in 2015 and 2016. On March 13, 2015, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term corporate credit ratings on Germany's largest telecommunications services provider Deutsche Telekom AG
