...- Following Telekom Austria AG's solid results over the first nine months of 2022, including the resilience of its EBITDA margin despite macroeconomic headwinds, we have upwardly revised our expectations for its performance in 2023 and 2024, leading us to forecast annual free operating cash flow (FOCF) generation of about 500 million-600 million. - The combination of a strong operating performance with management's supportive and prudent financial policy leads us to estimate that the company will maintain S&P Global Ratings-adjusted leverage of less than 2.0x after gradually deleveraging from 2.3x in 2020. - Therefore, we raised our long-term issuer credit rating on Telekom Austria to 'A-' from '###+', and affirmed our 'A-2' short-term rating. - The stable outlook reflects our expectation that the company will maintain S&P Global Ratings-adjusted leverage sustainably below 2.0x, funds from operations (FFO) to debt above 45%, and FOCF to debt before spectrum payments comfortably above 15%....
