Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, today announces that it has been apprised of the May 19th decision by Moody's Investor Service to lower OTE's long-term ratings from Baa1 to Baa2, with a stable outlook.
This decision is solely based on the change in OTE's ownership structure subsequent to Deutsche Telekom's agreement with the Greek Government, while the rating agency's views on the Company's underlying business fundamentals and financial strength remain unchanged