Fitch affirms France Telecom

Fitch Ratings said it affirmed France Telecom SA's ratings at senior unsecured A- and short-term F2. The outlook is stable.

The affirmation follows the French government's decision to partially dispose of its interest in France Telecom, thereby reducing its interest in the company below 50%.

Fitch noted that the government's partial disposal has no impact on the ratings, given the strength of France Telecom's business and financial risk profile. Since 2002, France Telecom's cash flow generation, capital structure and liquidity have improved markedly, and Fitch said it believes that the importance of having a strong majority shareholder like the French government has diminished accordingly.

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