Leading telecommunications operator in Austria, supported by high fixed broadband market share and good spectrum holdings. Profitable and cash-generative international mobile operations. High competitive pressure in many service areas. High exposure to country risk, especially in Belarus. Rigid cost structure in Austria. Intermediate leverage. Free operating cash flow (FOCF) generation constrained by large network investments and restructuring costs. Marked foreign exchange exposure of cash flows from international operations in Belarus, Serbia, and Macedonia. Standard&Poor's Ratings Services' outlook on Austrian telecommunications provider Telekom Austria AG is stable. This reflects our expectation that operating performance in Austria will continue to stabilize and that the company will maintain a Standard&Poor's-adjusted debt-to-EBITDA ratio of no higher than 3x. The stable
