S&P upgrades OTE, debt to BB

Standard & Poor's said it raised its long-term corporate credit rating on Hellenic Telecommunications Organization SA (OTE) to BB from BB-.

At the same time, the agency affirmed its B short-term corporate credit rating on OTE.

The outlook is stable.

In addition, S&P raised its issue ratings on the debt issued by OTE's wholly owned financing vehicle, OTE plc, to BB from BB-.

S&P said the upgrade follows its raising of the long-term sovereign ratings on Greece to B from B- and reflects the company's higher bb standalone credit profile than the sovereign rating. Consequently, the rating on OTE is now at the same level as its standalone credit profile.

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