Piraeus Financial Holdings S.A. and its subsidiary, Piraeus Bank S.A., have been upgraded to investment grade “BBB-” with a stable outlook by the credit rating agency Fitch Ratings.
The development marks a significant milestone, as Piraeus is now rated at investment grade by three of the four largest international credit rating agencies.
According to the Bank’s announcement, Fitch’s press release cited several key factors behind the upgrade: Piraeus’ strong position in Greece, its sustainable long-term business model, steady profitability, successful restructuring and cleanup, and increased digitalization. The anticipated acquisition of National Insurance Company (Ethniki Asfalistiki) is also expected to significantly strengthen Piraeus’ operations and further diversify its revenue sources, according to Fitch.
Fitch also upgraded Piraeus’ senior preferred debt rating by one notch to “BBB-” from “BB” and its Tier 2 subordinated debt rating to “BB” from “BB-.”
Source: tovima.com
