The ratings on Deutsche Telekom AG (DT), one of the world's largest integrated telecommunications operators, reflect Standard&Poor's Ratings Services' assessment of DT's business risk profile as "strong" and its financial risk profile as "intermediate". DT's business risk profile is primarily underpinned by the group's strong market position in Germany, its large and diversified operations across Western Europe, Southern and Eastern Europe, and the U.S., as well as our expectations of resilient profit margins in the medium term. This is partly offset, in our view, by intense competition, particularly in the U.S. and domestic fixed-line businesses, and a tough regulatory and competitive environment, which will likely continue to negatively affect most European telecoms markets. The group's financial risk profile
