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Magyar Telekom initiated withdrawal of credit ratings

Magyar Telekom, the leading Hungarian telecommunications service provider, announced that it has initiated the withdrawal of its credit ratings from both Standard & Poor’s and Moody’s yesterday.

Magyar Telekom currently holds an A- credit rating from Standard & Poor’s and Baa1 from Moody’s. The Company has no outstanding debt in the public market or any running MTN (Medium-Term Note) Program, and does not plan to access the public debt markets for funding in the foreseeable future. As of September 30, 2007, the total debt of Magyar Telekom was Ft 375.9 billion, the company’s net debt was Ft 274.2 billion, while the net debt ratio (net debt to net debt plus total equity) was 32.2%. (