S&P raises OTE’s credit rating to investment grade

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Standard & Poor’s on Wednesday raised Hellenic Telecommunication Organization’s (OTE) long-term credit rating to BBB- with a positive outlook, offering the telecoms company an investment grade.

In an announcement, the credit rating agency said the upgrading of OTE’s rating followed Greece’s upgrading in October 25 to BB- from B+ which reflected a steady improvement of the country’s finances and a gradual recovery of its economic outlook. “A reduction of political uncertainty in Greece and an improvement of economic prospects offer a more favourable operating environment for OTE,” S&P said.