Moody’s on Tuesday confirmed Hellenic Telecommunications Organization S.A.’s (OTE) corporate family rating (CFR) at Caa2 and its probability of default rating (PDR) at Caa2-PD.

At the same time, Moody’s assigned a stable outlook to all ratings.

This rating action concludes the review for downgrade

According to a press release, the action follows Moody’s decision last week to confirm a Greek government bond ratings at Caa3 and the foreign-currency ceiling at Caa2 and assign a stable outlook.

“OTE is a Greek telecommunications business that generates approximately 75% of its revenues in Greece. So despite performing in line with its business plan and taking steps to insulate itself as much as possible from the Greek economy, the foreign-currency ceiling exerts pressure on the telecom company’s ratings keeping its credit-worthiness closely linked to the economic environment in Greece,” was the statement of Carlos Winzer, Moody’s senior VP and lead analyst for OTE.