Strong market position and solid margins in Germany, a mature but wealthy and resilient service area. A diverse international network of mobile operations with leading market positions. Strong competitive and regulatory pressures on revenues partly offset by continued cost cutting efforts. Operational and competitive challenges in the U.S. High Standard&Poor's-adjusted financial leverage relative to the rating level. Measured financial policy. Resilient generation of funds from operations (FFO). Significant capital expenditure (capex) requirements. Strong liquidity profile. The stable outlook on Deutsche Telekom, Germany's largest Telecommunications services provider, primarily reflects our expectations of: A continued resilient operating performance at its domestic operations, compared with competitors in the medium term, supported by DT's significant fiber and fourth-generation LTE network investments; Improving
