Moody's rates Egnatia notes Ba1

Moody's Investors Service said it assigned a Ba1 long-term debt rating to the €80 million subordinated guaranteed floating-rate notes due in 2015 to be issued by Egnatia Finance plc and guaranteed by Egnatia Bank SA.

Moody's existing ratings for Egnatia Bank of Baa3/Prime-3 for long- and short-term foreign currency deposits and D+ for financial strength reflect the bank's small but gradually developing franchise, its strong niche in automotive finance and its adequate financial fundamentals.

Athens, Greece-based Egnatia Bank is the eighth-largest Greek commercial bank in terms of assets, enjoying market shares of about 1.8% and 1.7% of loans and customer deposits, respectively.

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