S&P upgrades OPAP

S&P said it raised its long-term corporate credit rating on OPAP SA to B+ from B.

The outlook is stable.

The agency said the upgrade of OPAP mirrors that of Greece on Jan. 19 to B from B-, which primarily reflects the country's steadily improving general government finances and its gradually recovering economic prospects.

Consequently, the country's creditworthiness will no longer cap the corporate rating on OPAP, and the rating can now reflect its stand-alone credit profile of b+, the agency said.

“In our opinion, the declining political uncertainties and improved economic prospects provide a more benign operational environment for OPAP,” S&P said in a news release.

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