Moody’s upgrades OTE

Moody's Investors Service said it upgraded the corporate family rating of Hellenic Telecommunications Organization SA (OTE) to Ba3 from B2.

Concurrently, the agency upgraded the company's probability of default rating to Ba3-PD from B2-PD. It also upgraded the senior unsecured ratings on the global medium-term note program and the global bonds issued by OTE plc (OTE's fully and unconditionally guaranteed subsidiary) to provisional Ba3 from provisional B2 and to Ba3 from B2, respectively.

The outlooks are stable.

"OTE's upgrade to Ba3 is in line with the sovereign ceiling of Greece which was recently upgraded," Carlos Winzer, Moody's senior vice president and lead analyst for OTE, said in a news release. "It also signifies the company's improved liquidity risk management, operating performance and successful deleveraging efforts under its current business plan and against the backdrop of a challenging market environment."

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