Moody’s Investors Service today downgraded the deposit and senior debt ratings of eight Greek banks, following its downgrade earlier in the week of Greece’s sovereign ratings.
Moody’s cited the main reason of the downgrade as ‘the rising likelihood of a sovereign debt restructuring, which is reflected in the rating action on the Greek sovereign’.
Moody’s downgraded National Bank of Greece SA (NBG), EFG Eurobank Ergasias SA (Eurobank), Alpha Bank AE (Alpha), Piraeus Bank SA (Piraeus), Agricultural Bank of Greece (ATE) and Attica Bank SA to B3.
Emporiki Bank of Greece (Emporiki) and General Bank of Greece (Geniki) were downgraded to B1.
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