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Published on 6/7/2012 in the Prospect News Emerging Markets Daily.

S&P cuts OTE, debt

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

In addition, the agency said it affirmed the B short-term corporate credit rating. The outlook is negative.

At the same time, S&P said it lowered the issue ratings on OTE's debt incurred by financing vehicle OTE plc to B- from B.

The agency said the rating action primarily reflects its view of the continued deterioration of macroeconomic conditions in the company's domestic market, including another potential sovereign default or Greece's exit from the eurozone following the inconclusive parliamentary election in May 2012.


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