The ratings on Germany's largest telecommunications services provider, Deutsche Telekom AG (DT), primarily reflect the group's strong business positions and underlying solid financial performance in its core domestic fixed-line telephony market, assisted by the uptake of broadband. The ratings are also supported by the business and operating progress and cash flows achieved by DT's mobile telephony unit, thanks to strong growth at U.S. wireless subsidiary T-Mobile USA Inc. Strong free cash flow generation is a key rating support, as is DT's above-average business position in its core German telecommunications markets. Although 2005 free operating cash flow (FOCF; €5.7 million), including network investments in the U.S., was 44% lower than in 2004, underlying FOCF, excluding €2.1 billion in U.S. mobile investments,
