On Sept. 21, 2007, Standard&Poor's Ratings Services assigned its first rating of 'A-2' to the multi-currency short- and medium-term treasury note program to be issued by Telekom Finanzmanagement GmbH, and unconditionally guaranteed by Telekom Austria AG. At the same time, the 'BBB+/A-2' long- and short-term corporate credit ratings on Telekom Austria were affirmed. The outlook is stable. The ratings on Telekom Austria continue to reflect the group's continuing leading market position in all main segments of the Austrian telecommunications market; its strong financial profile supported by the cash-generative characteristics of its international mobile operations; a continued solid operating performance; and a transparent and conservative financial policy. These factors are tempered by the saturation of, and high competition in,
