Position as leading operator in the main telecommunications segments in the Republic of Austria (AAA/Stable/A-1+); Strong and cash-generative mobile operation in the Republic of Bulgaria (BBB/Positive/A-3), which was acquired in July 2005, and a strong mobile operation in the Republic of Croatia; Strong operating profitability and strengthening free cash flow generation; and Conservative balance sheet and a transparent financial policy. Competitive and regulated domestic wire-line marketplace, although the group has managed to stabilize its market share; Strong competition and regulatory pressure in the saturated Austrian mobile market; and Ambitious plans to continue expanding in the wireless markets of southeast Europe, such as the Republic of Serbia (BB-/Stable/B) and Bosnia Herzegovina. The ratings on Austrian telecommunications services provider Telekom Austria AG
