(Editor's note: In the research update published earlier today, the €500 million reduction referred to in the third paragraph and resulting from the launch of the rights issue early in 2003 was misstated. A corrected version follows. On March 24, 2003, Standard&Poor's Ratings Services placed its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on French telecommunications provider France Telecom S.A. (FT) on CreditWatch with positive implications. The action followed news earlier in the day that FT has launched a fully underwritten €15 billion rights issue. The 'BBB-' long-term corporate credit rating on FT's mobile telephone subsidiary Orange S.A. was also placed on CreditWatch with positive implications. The rights issue--which is fully underwritten by a syndicate of banks
