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Fitch Places Major Greek Banks on RWN

Fitch Ratings said it placed the long-term ratings of major Greek banks on rating watch negative (RWN), after placing Greece’s sovereign rating also on RWN.
Specifically, the rating agency places National Bank, Alpha Bank, Eurobank Ergasias, Piraeus Bank, and Agricultural Bank of Greece “BBB-“ and “F3” long and short-term ratings on rating watch negative, according to its press release. It also downgrades Marfin Popular’s and Marfin Egnatia’s long-term ratings to “BBB” from “BBB+” with negative outlook.
Ratings are based on Fitch΄s assessment of the likelihood of them receiving support should this become necessary, according to the statement
It is also noted that any downgrade of the sovereign rating is likely to be mirrored by the banks΄ ratings.

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