On May 19, 2008, Standard&Poor's Ratings Services lowered to 'BBB+' from 'A-' its long-term corporate credit and senior unsecured debt ratings on Germany's largest telecommunications services provider, Deutsche Telekom AG (DT). The ratings have been removed from CreditWatch with negative implications, where they were placed on March 17, 2008. The outlook is stable. At the same time, the 'A-2' short-term corporate credit rating on DT was affirmed. The rating action follows final confirmation that DT will purchase a 25%-plus-one-share stake in Greek telecommunications provider Hellenic Telecommunications Organization S.A. (OTE; BBB+/Negative/A-2) for €3.2 billion, as well as a review of DT's operating and financial prospects. The downgrade reflects the expectation that DT will have difficulty over the medium term
