(Editor's note: This media release, published earlier today, misstated the long-term corporate credit rating on France Telecom S.A. A corrected version follows.) MILAN (Standard&Poor's) Sept. 1, 2003--Standard&Poor's Ratings Services said today that France Telecom S.A.'s (FT; BBB/Positive/A-2) public tender offer for the 14% equity interest that it does not already own in its mobile telephony subsidiary Orange S.A. (BBB/Positive/--) will not affect the ratings or outlook on either company. "The share-exchange transaction will enable FT to fully control Orange's solid cash flow generation, improve tax efficiencies, and streamline support functions," said Standard&Poor's credit analyst Guy Deslondes. "In particular, the buyout of minority interests will avoid cash leakage from potential future dividend payments and will
