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Deutsche Telekom AG - Interim Group report - January 1 to March 31, 2011

46 We placed bonds, medium-term notes, and promissory notes worth EUR 3.1 billion in total on the international financial markets in 2010. In 2011, we expect the financial markets to be generally open to our financing measures. As of the end of 2010, we had a comfortable liquidity reserve of around EUR 18 billion. We also plan to maintain a liquidity reserve in 2011 at a level that enables us to meet all maturities in the next 24 months. At the beginning of April 2011, Deutsche Telekom issued a five-year bond with a volume of USD 1.25 billion through its financing arm Deutsche Telekom International Finance B.V. At the end of 2010, the rating agencies Fitch, Moody’s, and Standard & Poor’s rated us as a solid investment-grade company at BBB+/Baa1/BBB+. All three agencies upgraded their outlook for our rating following the announcement of the sale of T-Mobile USA. Fitch and S&P both increased their outlook from sta- ble to positive, while Moody’s put our rating on a watchlist pending a possible upgrade. In order to retain secure access to the international financial markets in the future, an equally solid investment-grade rating is part of our financial strategy for 2011. As the parent company of the Group, Deutsche Telekom AG continues to ex- pect positive income after taxes for 2011 and 2012.