Table: Mountains of Debt

COMPANY CASH DEBT* COVERAGE SHORT-TERM RATIO** RATING

BRITISH TELECOM $2,325 $38,444 3 A DEUTSCHE TELEKOM 685 45,744 3.6 A- FRANCE TELECOM 2,291 40,783 3.5 A- KPN 258 18,010 3.3 BBB+ TELECOM ITALIA 3.4 18,395 13.1 A- TELEFONICA 1,644 22,499 7.3 A+

Data: Lehman Brothers

Estimates in U.S. millions for yearend 2001, all ratings Standard & Poor's

* After projected sales of assets ** Ratio of cash flow to debt payments

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