Fitch revises outlook for Greek banks to ‘positive’ from ‘stable’

Fitch Ratings revised the outlook on Greece’s four systemic banks – Alpha Bank, Eurobank, National Bank and Piraeus Bank – to positive from stable on Thursday, following the investment grade it gave Greek bonds on December 1.

It also affirmed all issuer and debt ratings: National Bank and Eurobank are at “BB” with positive outlook, while Alpha Bank, Alpha Services and Holdings, and Piraeus Bank are at “BB-“ with positive outlook.

“The outlook revision reflects Fitch’s view that Greece’s attainment of an investment-grade rating will be beneficial to Greek banks’ operating environment (OE) by improving the country’s business sentiment, ultimately helping the banks to grow business volumes without compromising their risk profiles,” the credit rating agency said.

“Combined with sustained improved economic confidence and strong investment performance, this will likely lead to an upgrade of our OE assessment within the rating horizon.”