Moody's cuts Hellas notes to C

Moody's Investors Service said it downgraded the rating on the subordinated notes of Hellas Telecommunications II S.a.r.l. to C from Ca, and revised the company's probability-of-default rating to Caa3/LD, which reflects the default on the company's €960 million and $275 million subordinated notes due 2015.

The Caa3 corporate family rating, Caa2 rating on the senior secured notes issued by Hellas Telecommunications (Luxembourg) V and the Ca rating on the senior notes issued by Hellas Telecommunications (Luxembourg) III are unaffected. Ratings remain on review for downgrade. Hellas Telecommunications II is a holding company of Wind Hellas Telecommunications.

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