Moody’s upgrades six Greek banks
Moody’s Investors Service on Tuesday upgraded the long-term deposit ratings of six Greek banks that it rates (Alpha, Attica, Eurobank, National, Pancreta and Piraeus) by either one or two notches, as well as the stand-alone Baseline Credit Assessment (BCA) of those banks.
The outlook for the long-term deposit ratings for all six banks is positive following their rating upgrades.
The rating action was driven by structural improvements in the Greek economy, as well as significant enhancements in banks’ financial fundamentals.
It also captures the rating agency’s view of the good prospects for Greek banks to sustain their relatively strong financial performance in the next two years, which will also enhance their tangible capital base and loss absorbing capacity.
It is reminded that on Tuesday Fitch Ratings also upgraded the credit ratings of all four systemic banks in the country, taking National and Eurobank to BB and Piraeus and Alpha to BB-.
The rating agency further attributed a Stable outlook to all four lenders.
