S&P: OPAP view to positive

S&P said it revised the outlook on OPAP SA to positive from stable.

The agency also said it affirmed the company's B long-term corporate credit rating.

The outlook revision mirrors the recent action taken on Greece when the sovereign outlook was revised to positive, S&P said.

If Greece's sovereign creditworthiness strengthens and OPAP's stand-alone credit profile remains at the current level, the agency said it could raise the long-term rating on OPAP as it would no longer be constrained by Greece's creditworthiness.

S&P also noted that OPAP's 2016 performance and first quarter 2017 performance have been broadly in line with the forecast and the company is successfully implementing the new video lottery terminals.

OPAP's business risk does remain constrained by the very high country risk in Greece, where the company generates about 95% of its revenues, the agency added.

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