Moody's noted that the government's public comments on the possibility of a partial sale have been vague to date, with no precise details in terms of the percentage to be sold, the effect that it could have on the civil servant status of the employees or the role that a possible strategic partner could have in the future of OTE. If the percentage ownership were to drop to below 20 percent, Moody's would have to further assess whether its GRI status remains appropriate and whether the ratings should then reflect the rating equivalent of its BCA level of 9. However, absent a sale which would represent a government's equity stake below 20 percent, Moody's expects a maximum downgrade of one notch.