Moody's Investors Service on Tuesday downgraded to B2 from B1 the corporate family rating (CFR) of Hellenic Telecommunications Organisation S.A. (OTE). The downgrade is based on Moody's increasing concerns related to the macroeconomic deterioration in Greece, recently revised lower GDP for this year and also for next year and the likely further negative effect of new austerity measures on consumer spending.

  

    In Moody's view, this could further affect OTE's revenue trend and cash-flow generation though it believes management isc arefully adjusting its cost base.