02.07.2015 17:56:00
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OTE PLC -- Moody's downgrades OTE to Caa2; ratings are on review for downgrade
Madrid, July 02, 2015 -- Moody's Investors Service has today downgraded Hellenic Telecommunications Organization S.A.'s (OTE) corporate family rating (CFR) to Caa2 from B3 and its probability of default rating (PDR) to Caa2-PD from B3-PD. Concurrently, Moody's downgraded the senior unsecured ratings of the global medium-term note program (GMTN) to (P)Caa2 from (P)B3 and the rating on the global bonds to Caa2 from B3 issued by OTE PLC (OTE's fully and unconditionally guaranteed subsidiary). All ratings remain on review for downgrade.