LONDON (Standard&Poor's) April 14, 2004--Standard&Poor's Ratings Services said today that it has revised its outlook on Austrian telecommunications services provider Telekom Austria AG to positive from stable. At the same time, Standard&Poor's affirmed its 'BBB' long-term and 'A-2' short-term corporate credit ratings on the group. "The outlook revision reflects Telekom Austria's good operating performance, strong free cash flow, and reduced debt levels achieved in 2003, notwithstanding the high event risk of acquisitions," said Standard&Poor's credit analyst Leandro de Torres Zabala. The ratings primarily reflect Telekom Austria's leading market position in all segments of the Austrian telecoms market, strong free cash flow generation, and moderately leveraged balance sheet. These are tempered by the
