Fitch lowers five Greek banks

Fitch Ratings said it downgraded the long-term issuer default ratings and support rating floors on National Bank of Greece, Efg Eurobank Ergasias, Alpha Bank, Piraeus Bank and Agricultural Bank of Greece to CCC from B-.

The agency said it also lowered the short-term issuer default ratings on the banks to C from B. The viability rating on each of the banks was affirmed at f.

The agency said the rating actions follow the downgrade of Greece's sovereign rating to CCC from B-. State-guaranteed issues have also been downgraded to CCC from B-.

Fitch said the five Greek banks' long-term issuer default ratings remain on their support rating floors, which has been downgraded to CCC to reflect the heightened risk that Greece may not be able to sustain its membership in the Economic and Monetary Union.

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