S&P downgrades OTE

Standard & Poor's said it lowered the long-term corporate credit rating on Hellenic Telecommunications Organization SA (OTE) to B from BB-.

The agency also said it affirmed its B short-term rating.

The outlook is negative.

The group's liquidity profile has weakened to less-than-adequate under the agency's criteria in the absence of any recent refinancing, S&P said.

The deteriorating macroeconomic conditions in the company's domestic market, including a potential default of the Hellenic Republic, could continue to negatively affect the group's operating results and access to capital markets, the agency said.

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