Fitch affirms Greek banks

Fitch Ratings said it affirmed National Bank of Greece's, Alpha Bank's, EFG Eurobank Ergasias' and Piraeus Bank's long-term issuer default ratings at B- and removed them from rating watch negative.

The outlook is stable.

All five banks' viability ratings have been affirmed at f.

Fitch said these rating actions follow the upgrade of Greece's sovereign rating to B- from restricted default and Fitch's revised judgment of external support for the Greek banks' recapitalization following the new private sector involvement debt exchange.

National Bank of Greece's, Alpha Bank's, EFG Eurobank's and Piraeus Bank's long-term issuer default ratings are on their support rating floors, reflecting Fitch's assumption that support from the International Monetary Fund and the European Union in respect to the Greek banks' recapitalization is committed and ensured after Greece's debt restructuring and on the basis that they are viewed as viable banks, the agency said.

Agricultural Bank of Greece's long-term issuer default rating of B- remains on rating watch negative to reflect uncertainties about its viability.

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