S&P downgrades three Greece companies

Standard & Poor’s said it lowered the long-term corporate credit ratings on three Greece-based corporations: Ellaktor SA, Public Power Corp. SA and Hellenic Telecommunications Organization SA.

The downgraded ratings include Ellaktor’s long- and short-term corporate credit ratings on Ellaktor to CCC-/C from B-/B with a negative outlook.

The downgrades also include Public Power’s long-term corporate credit rating to CCC- from CCC with a negative outlook.

The long-term corporate credit rating on Hellenic Telecommunications also was downgraded to B from B+ and placed it on CreditWatch with negative implications.

The downgrades follow the downgrade of Greece to CCC- from CCC on June 29, S&P said.

The downgrades reflect the increased probability of Greece exiting the eurozone and continuously deteriorating macroeconomic conditions in Greece, the agency said.

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