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+). The rating on Telekom Austria is therefore at the same level as the SACP. In accordance with our criteria for GREs, our rating approach is based on our view of Telekom Austria's: "Limited" role for Austria, due to the existence of viable alternative telecom operators in Austria. In addition, in our opinion, the Austrian government is more
