Moody’s gives OTE stable outlook

Moody's Investors Service said it confirmed Hellenic Telecommunications Organization SA's (OTE) corporate family rating at Caa2, probability of default rating at Caa2-PD.

The agency also confirmed the senior unsecured ratings of the global medium-term note program at provisional Caa2 and the rating on the global bonds issued by OTE plc (OTE's fully and unconditionally guaranteed subsidiary) at Caa2.

Concurrently, Moody's assigned a stable outlook to all ratings. This action concludes the review for downgrade that commenced on July 2.

These rating actions follow the agency’s Sept. 26 decision to confirm the Government of Greece's government bond ratings at Caa3 and the foreign-currency ceiling at Caa2 and assign a stable outlook.

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