The 'BBB' rating on the government-related entity (GRE) Telekom Austria AG is based on Standard&Poor's Ratings Services' assessment of the company's stand-alone credit profile (SACP) at 'bbb'. In addition, the rating reflects our expectation of a "low" likelihood of timely and sufficient extraordinary support, in the event of financial distress, from the company's 28.4% shareholder, the Republic of Austria (unsolicited AA+/Stable/A-1+). We base this assessment on our view that the group's role as a GRE is of "limited importance" for the Austrian state and that the link between Telekom Austria and the government is "limited." The rating on Telekom Austria is therefore at the same level as the SACP. Leading telecommunications operator in Austria. Profitable and cash-generative international
