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Moody's cuts Hellas Telecommunications to B3
Moody's Investors Service said it downgraded the corporate family rating of Hellas Telecommunications II Sarl to B3 from B2, along with the €1,222 billion in senior secured notes issued at Hellas Telecommunications (Luxembourg) V to B2 from B1, €355 million in senior notes issued at Hellas Telecommunications (Luxembourg) III to Caa1 from B3 and €1,170 billion in subordinated notes issued at Hellas Telecommunications II Sarl to Caa2 from Caa1.
The outlook is negative.
The downgrades reflect weaker-than-expected financial performance of the company's core business, Wind Hellas, the anticipated challenging operating environment in 2009 and concerns about the company's weak liquidity position, Moody's said.
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