Fitch: Hellenic Telecommunications view negative

Fitch Ratings said it revised Hellenic Telecommunications Organization SA's outlook to negative from stable.

The agency also said it affirmed its long-term foreign-currency issuer default rating at BBB-, along with OTE plc's senior rating at BBB-.

The outlook revision reflects potential downside risk from the deteriorating Greek economy, which has yet to stabilize, the agency said, and its effect on consumer spending.

While Fitch said it does not factor in any direct linkage between the sovereign rating and the company's ratings, the agency considers there may be a risk of further windfall taxes impacting the corporate sector and the company, in particular.

The negative outlook also reflects the ongoing refinancing risk that the company faces in 2012 and 2013, the agency added.

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