Fitch Ratings on Monday announced an upgrade of National Bank of Greece’s (NBG) Long-Term Issuer Default Rating (IDR) to ‘BB-‘ from ‘B+’ as well as its Viability Rating (VR) to ‘bb-‘ from ‘b+’. Fitch said the outlook on the Long-Term IDR is stable.

The international ratings firm also upgraded Eurobank S.A.’s and Eurobank Ergasias Services and Holdings S.A. (HoldCo) Long-Term Issuer Default Ratings (IDR) to ‘BB-‘ from ‘B+’, as well as its Viability Ratings (VR) to ‘bb-‘ from ‘b+’. Fitch said the outlook on the Long-Term IDRs is also stable.

The announcement comes days after Fitch also upgraded Greece’s rating to “BB+”, one level away from investment grade.

In its upgrade of another Greek lender and its holding company, specifically Alpha Bank S.A. and Alpha Services and Holdings S.A., Fitch raised the Long-Term Issuer Default Ratings (IDR) to ‘B+’ from ‘B’ and its Viability Ratings (VR) to ‘b+’ from ‘b’.

The outlook on the Long-Term IDRs was listed as stable.

In a statement regarding Alpha Bank, Fitch said the upgrade “…reflects Alpha’s stronger capitalisation as a result of structurally improved profitability, expected capital accumulation, and reduced capital encumbrance by unreserved problem assets. This is the result of Alpha’s progress in reducing its legacy non-performing exposures (NPE) through disposals and organically. The resilience of the Greek economy in 2023, even in light of prevailing uncertainty further underpin the upgrade.”

Ακολουθήστε τον ot.grστο Google News και μάθετε πρώτοι όλες τις ειδήσεις
Δείτε όλες τις τελευταίες Ειδήσεις από την Ελλάδα και τον Κόσμο, στον ot.gr

Latest News

Πρόσφατα Άρθρα English Edition