Fitch: OTE unchanged

Fitch Ratings said that Hellenic Telecommunications Organization SA's (OTE) ratings are unchanged following the downgrade of the Greek sovereign rating to CCC from B+.

Recently, Fitch indicated that should the sovereign rating deteriorate to B and below, the BB rating would represent a floor of the direct influence of a sovereign rating upon the rating of domestic corporations.

As a result, OTE's current ratings remain unchanged, reflecting the de-coupling of the direct sovereign rating influence and the transition to a more standalone approach of the company's credit profile, the agency said.

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