Moody's lowers OTE, notes

Moody's Investors Service said it downgraded to B3 from B2 the corporate family rating and probability of default rating of Hellenic Telecommunications Organization SA.

Concurrently, the agency said it downgraded to B3 from B2 the senior unsecured ratings on the global medium-term notes and global bonds issued by subsidiary OTE plc.

In addition, Moody's said it placed all the long-term ratings on review for further downgrade.

The agency said the downgrade reflects concerns about the company's ability to service it's debt due to the economic instability in Greece.

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