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S&P upgrades OTE
Standard & Poor's said it raised to BB- from B+ its long-term corporate credit rating on Hellenic Telecommunications Organization SA (OTE) and affirmed the B short-term corporate credit rating on OTE.
The outlook is stable.
In addition, S&P raised to BB- from B+ its issue ratings on the debt issued by OTE's wholly owned financing vehicle, OTE plc. Finally, S&P removed the corporate credit and issue ratings from CreditWatch, where they were placed with positive implications on Nov. 26.
S&P said it bases its upgrades primarily on S&P's assessment that OTE is unlikely to default in a hypothetical stress scenario that would likely accompany a sovereign default of Greece.
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