Fitch Upgrades Greek Banks After Recapitalisation, Sovereign Upgrade

Fitch Upgrades Greek Banks After Recapitalisation, Sovereign Upgrade

 

Fitch Ratings said it upgraded four Greek banks' Long-Term Issuer Default Ratings (IDRs) to 'B-' from 'CCC', Short-term IDRs to 'B' from 'C' and Viability Ratings (VR) to 'b-' from 'f'.

The four banks are the National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank Ergasias.
The agency also revised the banks' Support Rating Floors (SRF) to 'No Floor' from 'CCC' and affirmed the Support Rating (SR) at '5'.
These rating actions follow the banks' recapitalisation and a more stabilised macroeconomic environment in Greece, which is reflected in the agency's upgrade of Greece's sovereign rating to 'B-' from 'CCC' with a Stable Outlook earlier this week, it added.
The outlook on the banks' Long-term IDRs is stable, reflecting the close correlation with that of the sovereign.
 

 

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