S&P raises outlook of Greek banks

Standard & Poor’s on Tuesday raised the outlook of credit ratings of Greek banks, citing significant progress achieved by the financial institutions.

In detail, S&P raised National Bank’s and Eurobank’s credit ratings to BB+ from B+ and kept their outlook positive, Alpha Bank’s credit rating to BB- from B+ with stable outlook, Piraeus Bank’s credit rating to B+ from B with positive outlook, Aegean Baltic Bank to B+ from B with stable outlook, Eurobank Holdings to B from B- with positive outlook, Alpha Services and Holdings to B from B- with stable outlook, and Piraeus Financial Holdings outlook to positive from stable.

Standard & Poor’s explained that Greek banks have improved their balance sheets and their profitability, while having a strong deposit base and are able to repay long-term loans taken from the European Central Bank.