Telekom's rating was cut one notch to Baa3, which reflects the recent downgrade of the sovereign rating and the subsequent reassessment of the expected support that Telekom might receive from the government, the company said on Tuesday.

Meanwhile, the rating of the government-backed debt of Abanka, Factor banka and the state-owned SID export and development bank were cut to to Baa2, reflecting the sovereign rating, the banks said.