Hvis statens tilkendegivelser i perioden juli-oktober 2002 reelt havde svaret til, eller af markedet og ratingbureauerne var blevet opfattet som, løfter om en »ubegrænset garanti« til fordel for FT, ville FT's rating ikke være blevet nedsat i juli, ligesom FT's rating og spreads i dette tidsrum ville have afspejlet samme risiko som staten (AAA og et meget lille spread).
If the declarations made by the State between July and October 2002 had really been legally equivalent to, or even simply perceived by the market and the rating agencies as being, a promise to provide France Télécom with an “unlimited guarantee”, then there would not have been any downgrading of France Télécom's rating in July and the company's spreads and rating during that period would have reflected the state risk (AAA rating and very low spread).