Fitch Upgrades Greek Bank IDRs after Deposit Withdrawal Restrictions are Lifted
Fitch Ratings upgraded Alpha Bank AE's and National Bank of Greece S.A.'s Long-Term Issuer Default Ratings (IDR) to 'CCC+' from 'RD' and Eurobank Ergasias S.A.'s and Piraeus Bank S.A.'s Long-Term IDR to 'CCC' from 'RD', it said on Monday. At the same time, Fitch has upgraded the four banks' Short-Term IDRs to 'C' from 'RD'. All other issuer and issue ratings are unaffected by the event. "The upgrades of the Long-Term IDRs to the level of the VRs follow the lifting of bank deposit withdrawal limits and legal restrictions on the free movement of capital within the country on 1 October 2018. In Fitch's view, although some restrictions remain on cross-border outward capital flows, Greek banks are now substantively able to service all their obligations," it said.