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tolerant
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German
Spanish
Die
fragliche
Zusicherung
hatte
die
französische
Regierung
zum
einen
vor
der
Öffentlichkeit
in
dem
in
Erwägungsgrund
36
erwähnten
Interview
abgegeben
,
zum
anderen
direkt
gegenüber
S &
P:
"Der
französische
Staat
,
der
55
%
von
France
Télécom
hält
,
hat
gegenüber
Standard
&
Poor`s
deutlich
erklärt
,
er
werde
sich
als
marktwirtschaftlich
handelnder
Kapitalgeber
verhalten
und
angemessene
Maßnahmen
ergreifen
,
falls
FT
in
Schwierigkeiten
geraten
sollte
.
Langfristiges
Rating
von
France
Télécom
auf
BBB-
gesenkt"
. (
"the
French
State
–
;which
owns
55
%
of
France
Télécom
-
has
clearly
indicated
to
Standard
&
Poor's
that
it
will
behave
as
an
aware
investor
and
would
take
appropriate
steps
if
France
Télécom
were
to
face
any
difficulties
.
France
Télécom
LT
rating
cut
to
BBB-"
.). [EU]
France
Télécom
LT
rating
cut
to
BBB-»
.) y,
por
otra
,
la
reiteró
públicamente
en
la
entrevista
que
se
menciona
en
el
considerando
36
.
Die
Hinweise
des
Staates
stützen
jedoch
die
Bewertung
der
Kreditqualität
von
FT
mit
'Investment
Grade'
." (
"FT
could
face
certain
difficulties
refinancing
its
debt
obligations
coming
due
in
2003
.
Nevertheless
,
the
State's
indication
underpins
France
Télécom's
investment-grade
credit
quality"
.) [EU]
Calificación
a
largo
plazo
de
France
Télécom
rebajada
a
BBB-»
. («the
French
State
–
;which
owns
55
%
of
France
Télécom
-
has
clearly
indicated
to
Standard
&
Poor's
that
it
twill
behave
as
an
aware
investor
and
would
take
appropriate
steps
if
France
Télécom
were
to
face
any
difficulties
.
Die
Ratingagentur
Standard
&
Poor`s
gab
gekannt:
"Der
französische
Staat
,
der
55
%
von
France
Télécom
hält
,
hat
gegenüber
Standard
&
Poor`s
deutlich
erklärt
,
er
werde
sich
als
marktwirtschaftlich
handelnder
Kapitalgeber
verhalten
und
angemessene
Maßnahmen
ergreifen
,
falls
FT
in
Schwierigkeiten
geraten
sollte"
. (
'the
French
State
-
which
owns
55
%
of
France
Telecom
-
has
clearly
indicated
to
Standard
&
Poor's
that
it
will
behave
as
an
aware
investor
and
would
take
appropriate
steps
if
France
Telecom
were
to
face
any
difficulties'
.) [EU]
La
agencia
Standard
&
Poor's
indica
que:
«El
Estado
francés
-
que
dispone
del
55
%
de
France
Télécom
-,
indicó
claramente
a
esta
agencia
que
si
FT
tuviese
dificultades
,
su
comportamiento
sería
el
de
un
inversor
prudente
y
tomaría
las
disposiciones
adecuadas»
. (
'the
French
State
-
which
owns
55
%
of
France
Télécom
-
has
clearly
indicated
to
Standard
&
Poor's
that
it
twill
behave
as
an
aware
investor
and
would
take
appropriate
steps
if
France
Télécom
were
to
face
any
difficulties'
.)
HM
Treasury:
Bridging
the
Finance
Gap:
next
steps
in
improving
access
to
growth
capital
for
small
businesses
(
Dezember
2003
). [EU]
HM
Treasury
«Bridging
the
Finance
Gap:
next
steps
in
improving
access
to
growth
capital
for
small
businesses»
(diciembre
de
2003
).
Nach
Ansicht
von
S & P
könnte
FT
gewisse
Schwierigkeiten
bei
der
Refinanzierung
seiner
2003
fälligen
Finanzschulden
haben
.
Die
Hinweise
des
Staates
stützen
jedoch
die
Bewertung
der
Kreditqualität
von
FT
mit
'Investment
Grade'
." (
"The
French
state-which
owns
55
%
of
France
Télécom
has
clearly
indicated
to
Standard&Poor's
that
it
will
behave
as
an
aware
investor
and
would
take
appropriate
steps
if
France
Télécom
were
to
face
any
difficulties
...
Indeed
S & P
believes
that
the
company
could
face
certain
difficulties
refinancing
its
debt
obligations
coming
due
in
2003
.
Nevertheless
,
the
State's
indication
underpins
France
Télécom's
investment-grade
credit
quality"
. [EU]
Nevertheless
,
the
State's
indication
underpins
France
Télécom's
investment-grade
credit
quality'
.
Nach
den
Berechnungen
der
Deutschen
Bank
hätte
das
Verhältnis
Schulden/EBITDA
im
zweiten
Halbjahr
2002
bei
4,9
und
am
31
.
Dezember
2002
bei
5,20
gelegen
. ('...
on
July
12
,
2002
, S & P ...
downgraded
France
Télécom's
ratings
to
BBB-
...
The
agency
no
longer
expects
France
Télécom
to
hit
the
3.5x
net
debt/EBITDA
target
by
2003
,
but
did
assign
a
"stable"
outlook
to
the
low
triple
B
ratings
.
It
seems
that
the
stable
outlook
is
anchored
by
"the
French
state
... [which]
has
clearly
indicated
to
Standard
&
Poor's
that
it
will
behave
as
an
aware
investor
and
would
take
appropriate
steps
if
France
Télécom
were
to
face
any
difficulties
." [EU]
La
actual
calificación
de
FT
,
BBB-
,
parece
ampliamente
estar
basada
en
mayor
medida
en
la
promesa
del
apoyo
del
Gobierno
de
garantizar
la
liquidez
que
en
sus
indicadores
principales
".
Según
los
cálculos
del
Deutsche
Bank
,
la
relación
deuda/EBITDA
de
FT
parece
haber
sido
del
4,9
el
segundo
semestre
de
2002
y
del
5,20 a
31
de
diciembre
de
20
02.
The
procedure
for
preparing
,
sending
and
retrieving
the
'R'
Form
is
otherwise
the
same
as
described
in
steps
1, 2
and
3
above
for
the
normal
forms
.". [EU]
The
procedure
for
preparing
,
sending
and
retrieving
the
"R"
Form
is
otherwise
the
same
as
described
in
steps
1, 2
and
3
above
for
the
normal
forms
.».
The example sentences were kindly provided by:
[I]
IndustryStock.com
, [L]
spanisch-lehrbuch.de
.
Sentences marked by [EU] derived from
DGT Multilingual Translation Memory
. The European Commission retains ownership of the copyright in the original data.
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