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 still meaningful regulatory pressures on revenues, partly offset by continued cost cutting. Lack of scale likely to result in competitive hurdles in the U.S. in the long-term. High Standard&Poor's-adjusted financial leverage relative to the rating level. Clearly framed and predictable financial policy. Resilient generation of funds from operations. Significant capital expenditure requirements, partly due to spectrum acquisitions. Strong liquidity. The stable outlook on Deutsche Telekom AG, Germany's largest telecommunications services provider, primarily reflects Standard&Poor's Ratings Services' expectations of: A continued resilient operating performance at DT's domestic
