With a one-day delay, Moody’s upgraded Alpha Bank and Piraeus Bank, following the recent upgrade of the Greek economy. The credit rating agency had already upgraded the other two systemic banks, National Bank of Greece and Eurobank, as well as Attica Bank, the previous night.
Specifically, Moody’s raised the credit ratings of Alpha Bank and Piraeus Bank to “Baa2” from “Baa3,” while their outlooks have now been revised to stable from positive.
For Alpha Bank, the agency upgraded its long-term and short-term deposit ratings to Baa2/P-2 from Baa3/P-3, its long-term senior unsecured rating to Baa2 from Baa3, and its Baseline Credit Assessment (BCA) to ba1 from ba2. The bank’s long-term Counterparty Risk Ratings (CRR) were also upgraded to Baa1 from Baa2.
According to Moody’s, the upgrade of Alpha Bank’s BCA to ba1 from ba2 reflects further improvements in the quality of its loan portfolio. The bank’s non-performing exposures (NPE) declined to 3.8% of gross loans in December 2024 from 6% in December 2023. Although this ratio remains higher compared to other Greek banks, Alpha Bank has the lowest volume of real estate-owned assets (REOs), amounting to approximately 400 million euros.
Piraeus Bank’s Baseline Credit Assessment (BCA) was upgraded to ba1 from ba2, taking into account improvements in its key financial metrics. According to Moody’s, these include stronger asset quality, robust earnings combined with a very low-cost base, and continued comfortable funding and liquidity levels.
Piraeus Bank continues to maintain a favorable funding and liquidity profile, with a loan-to-deposit ratio of 63% and a liquidity coverage ratio (LCR) of 219% as of December 2024, supporting its credit profile.
Source: tovima.com
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