Moody's Upgrades Greek Banks
Moody's Investors Service upgraded on Tuesday the long-term deposit ratings of Piraeus Bank and the National Bank of Greece. to "Caa2" from "Caa3", and affirmed Alpha Bank, Eurobank Ergasias and Attica Bank long-term deposit ratings at "Caa3".
The ratings agency said the move reflects the Greek lenders' improved liability structure and the country's deposit ceiling upgrade to "B3" from "Caa2".
The rating agency has also upgraded the long-term counterparty risk assessments (CRA) of Piraeus Bank and National Bank of Greece to B3(cr) from Caa2(cr), upgraded the CRA of Alpha Bank and Attica Bank to Caa1(cr) from Caa2(cr), and affirmed Eurobank Ergasias CRA at Caa2(cr). The government-guaranteed senior MTN program ratings of National Bank of Greece, Alpha Bank and Eurobank Ergasias were also upgraded to (P)B3 from (P)Caa2, in line with Moody's recent rating action on Greece.