Fitch Downgrades Five Greek Banks
Fitch Ratings said on Thursday that it has downgraded the credit ratings of five Greek banks, following yesterday’s downgrade of Greek sovereign ratings.
Moreover, it has downgraded National Bank of Greece΄s, EFG Eurobank’s , Alpha Bank΄s, Piraeus Bank΄s and Agricultural Bank of Greece΄s Long-term Issuer Default Ratings to ΄B-΄ from ΄B+΄ and maintained them on Rating Watch Negative (RWN).
At the same time, Fitch has downgraded their Support Ratings to ΄5΄ from ΄4΄ and revised the Support Rating Floors (SRF) to ΄B-΄ from ΄B+΄ and placed them on RWN. The banks΄ ΄B΄ Short-term IDRs have also been placed on RWN.
The downgrade indicates Greek banks΄ deteriorating creditworthiness and the agency΄s view that pressure on banks΄ capital, funding and liquidity and asset quality is escalating due to serious concerns about the Greek sovereign and the economy, according to the rating agency.
T Bank΄s Individual Rating of ΄E΄ has been affirmed, highlighting the above risks and its merger plans with the state-owned bank TT Hellenic Postbank.
(capital.gr)
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