Fitch Ratings has upgraded National Bank of Greece΄s, Piraeus Bank΄s, Alpha Bank΄s and Eurobank Ergasias΄ Long-Term Issuer Default Ratings to ΄B-΄ from ΄CCC΄, Short-term IDRs to ΄B΄ from ΄C΄ and Viability Ratings to ΄b-΄ from ΄f΄.
The agency has also revised the Greek banks΄ Support Rating Floors to ΄No Floor΄ from ΄CCC΄ and affirmed the Support Rating at ΄5΄.
These rating actions follow the banks΄ recapitalisation and a more stabilised macroeconomic environment in Greece, which is reflected in the agency΄s upgrade of Greece΄s sovereign rating to ΄B-΄ from ΄CCC΄ with a Stable Outlook.
The Outlook on the banks΄ Long-term IDRs is Stable, reflecting the close correlation with that of the sovereign.
(source: Capital)
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