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 pressures on revenues in many service areas, 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 metrics, such as debt-to-EBITDA and FFO-to-debt ratios, relative to the current rating level. Clearly framed and predictable financial policy. Resilient generation of funds from operations (FFO). Significant capital expenditure (capex) requirements, partly due to spectrum acquisitions limiting free cash flow generation. Strong liquidity profile. Standard&Poor's Ratings Services' stable outlook on German telecommunications provider Deutsche
