Wednesday, March 31, 2010

Moody’s Downgrades Five Greek Banks

Moody’s  has downgraded the deposit and debt ratings of five Greek banks, citing “a weakening in the banks’ stand-alone financial strength and anticipated additional pressures stemming from the country’s challenging economic prospects in the foreseeable future.”

The banks are: National Bank of Greece (to A2 from A1), EFG Eurobank Ergasias SA (to A3/Prime-2 from A2/Prime-1), Alpha Bank AE (to A3/Prime-2 from A2/Prime-1), and Piraeus Bank (to Baa1/Prime-2 from A2/Prime-1) and Emporiki Bank of Greece SA (to A3/Prime-2 from A2/Prime-1). The outlook on all five banks’ ratings remains negative.

Moody's added:

Although additional measures taken to address fiscal imbalances at the national level may have a positive impact over the longer term, Greece’s fiscal challenges will weigh negatively on economic growth over the short to medium term.

No comments:

Post a Comment