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S&P upgrades OTE, debt
S&P said it raised its long-term issuer credit rating on Hellenic Telecommunications Organization SA (OTE) to BB from BB-.
The outlook is positive.
The agency also affirmed the B short-term issuer credit rating on OTE.
At the same time, S&P raised to BB from BB- the issue ratings on the senior unsecured debt issued by OTE plc. The agency assigned a 3 recovery rating to the senior unsecured debt. The recovery rating is capped due to the unsecured nature of the debt.
The agency said the upgrade reflects continued improvements in the company's operating performance and credit metrics alongside a view that the ties between OTE and its controlling shareholder, Deutsche Telekom AG, are strengthening.
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