Tags: Fitch | Greek | Banks | Review | Downgrade

Fitch Ratings Puts Greek Banks on Review for Downgrade

Thursday, 23 Dec 2010 08:07 AM

Fitch Ratings placed five Greek banks on review for a possible downgrade after putting the country’s sovereign debt rating on review earlier in the week, according to a statement from the credit rating company.

National Bank of Greece SA, Alpha Bank SA, EFG Eurobank Ergasias SA, Piraeus Bank SA, Greece’s four biggest lenders, and state-controlled Agricultural Bank of Greece SA were placed on rating watch negative. Fitch based its assessment on “the likelihood of them receiving support should this become necessary,” according to the statement yesterday.

In a separate release today, Fitch said it also placed subsidiaries of National Bank and Eurobank in Bulgaria, Romania and South Africa on ratings watch negative. Those units are United Bulgarian Bank, Banca Romaneasca SA, South African Bank of Athens and Eurobank EFG Bulgaria AD.

National Bank rose 0.2 percent to 6.31 euros as of 2:00 p.m. in Athens today. Eurobank was unchanged at 3.89 euros, Alpha Bank gained 1 percent to 4.07 euros and Piraeus Bank was 1.35 percent higher at 3.71 euros. Agricultural Bank fell 1.35 percent to 73 euro-cents.

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Fitch Ratings placed five Greek banks on review for a possible downgrade after putting the country s sovereign debt rating on review earlier in the week, according to a statement from the credit rating company. National Bank of Greece SA, Alpha Bank SA, EFG Eurobank...
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2010-07-23
Thursday, 23 Dec 2010 08:07 AM
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