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Standard&Poor's upgraded Matáv's rating

Budapest, March 3, 2005

Standard&Poor's today upgraded Matáv's rating from BBB+ to A-, with a stable outlook.

The move follows a similar upgrade of Matáv's majority owner, Deutsche Telekom AG. The credit rating agency said that Matáv's ratings would move in line with those of its parent for as long as Standard&Poor's regarded Matáv as a strategically important investment for Deutsche Telekom.