S&P Global Ratings upgraded Hellenic Telecommunications Organization’s (OTE) credit rating to “A-” from “BBB+”, making OTE the only company in Greece with an A-level rating.
According to S&P, the upgrade to A- reflects the recent upgrade of parent company Deutsche Telekom, OTE’s strong financial position, as well as the improvement of fundamentals in the Greek economy, which confirms the country’s dynamic and positive outlook.
According to the announcement, OTE’s strong financial profile is supported by its leading position in the Greek telecoms market, its financial leverage, and the strong generation of cash flow. The credit rating agency also noted that despite an increasingly competitive environment, OTE is expected to maintain its resilience, utilizing its position in both fixed and mobile telecommunication, the quality of its networks, and its investments in new-generation infrastructure, FTTH, and 5G.
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