S&P elevates OTE, debt

S&P said it raised its long-term corporate credit rating on Hellenic Telecommunications Organization SA (OTE) to BB- from B+.

The outlook is positive.

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

In addition, S&P raised the issue ratings on the senior unsecured debt issued by OTE plc to BB- from B+ and affirmed the B rating on its commercial paper.

The agency said the upgrade follows the upgrade of Greece on Jan. 19 to B from B-, which primarily reflects Greece's steadily improving general government finances and its gradually recovering economic prospects.

“In our opinion, the declining political uncertainties and improved economic prospects provide a more benign operational environment for OTE,” S&P said in a news release.

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