Following Greek telco OTE’s successful issuing of EUR700 million (USD950 million) in new bonds earlier this week, credit ratings agency Standard & Poor’s upgraded the company from B- to B+. Dow Jones Newswires writes that OTE is the first Greek company in nearly two years to make a sizeable new bond issue, the proceeds of which will be used to partially buy back OTE bonds maturing in 2013 and 2014. Standard & Poor’s also notes that Greece’s country risk has diminished, having recently been upgraded to B-.
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