Fitch Ratings on Tuesday announced an upgrade Piraeus Bank SA’s Long-Term Issuer Default Rating (IDR) to ‘B’ from ‘B-‘, as well as a Viability Rating (VR) to ‘b’ from ‘b-‘.
The outlook on the Long-Term IDR remained “positive”.
The announcement came a day after Fitch upgraded the other three systemic banks in the country.
Fitch said the upgrade reflects Piraeus Bank’s continued progress in reducing its stock of non-performing exposures (NPEs) and strengthening its regulatory capital ratios through structurally improving profitability and capital management actions. This has led to improved buffers over regulatory requirements and a material reduction in capital encumbrance by unreserved problem assets (which include NPEs and unreserved foreclosed assets).
The positive outlook reflects Fitch’s expectation that additional asset-quality clean-up and improvements in profitability will further strengthen Piraeus’ capitalization, which is currently weaker than peers, the rating agency said.
The expected resilience of the Greek economy in 2023, even in light of prevailing uncertainty, further underpins the upgrade.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.
