Leading market positions in the main telecommunications segments in the Republic of Austria (AAA/Stable/A-1+); A strong mobile operation in the Republic of Croatia, and, from July 2005, a cash generative mobile operation in the Republic of Bulgaria; Strong operating profitability and free operating cash flow generation; and A conservative balance sheet and financial policy. A very competitive domestic wire-line marketplace, although the group has managed to stabilize its market share; Fierce competition and strong regulatory pressure in the saturated Austrian mobile market; and After acquisition of Mobiltel AD in July 2005, the group plans to continue expanding in the wireless markets of southeast Europe such as the Republic of Serbia. The ratings on Austrian telecommunications services provider Telekom Austria AG
