Moody’s, Fitch upgrades ratings for Greece’s four systemic banks

Moody’s Investors Service on Tuesday upgraded the long-term deposit ratings of six Greek banks – four of which are the country’s systemic banks – by either one or two notches, as well as their stand-alone Baseline Credit Assessment (BCA).

The upgrade involves Alpha Bank SA, Attica Bank SA, Eurobank SA, National Bank of Greece SA, Pancreta Bank SA and Piraeus Bank SA). The outlook for the long-term deposit ratings for all six banks is positive following their rating upgrades, Moody’s stated.

The development was paralleled by Fitch Ratings, which upgraded Greece’s four systemic banks’ – Alpha, Eurobank, National Bank (NBG) and Piraeus Bank – ratings, following a recent round of upgrades of Greece’s sovereign credit rating.

Specifically, Fitch Ratings upgraded Eurobank SA’s Long-Term Issuer Default Ratings (IDRs) to ‘BB’ from ‘BB-‘, and Viability Ratings (VRs) to ‘bb’ from ‘bb-‘. The outlooks on the Long-Term IDRs are Stable.

Fitch Ratings also upgraded National Bank of Greece SA’s Long-Term Issuer Default Rating (IDR) to ‘BB’ from ‘BB-‘ and Viability Rating (VR) to ‘bb’ from ‘bb-‘. The outlook on the Long-Term IDR is Stable.

Fitch Ratings upgraded Piraeus Bank SA’s Long-Term Issuer Default Rating (IDR) to ‘BB-‘ from ‘B’ and Viability Rating (VR) to ‘bb-‘ from ‘b’. The outlook on the Long-Term IDR is Stable.

Fitch Ratings also upgraded Alpha Bank SA’s Long-Term Issuer Default Ratings (IDRs) to ‘BB-‘ from ‘B+’ and Viability Ratings (VRs) to ‘bb-‘ from ‘b+’. The outlooks on the Long-Term IDRs are Stable.