Moody's reviews Greek banks

Moody's Investors Service said it placed the ratings of six Greek banks on review for possible downgrade.

The ratings on review include:

• The Ba1 deposit and senior debt ratings, Ba2 subordinated debt rating, Ba1 backed (government-guaranteed) senior rating and B1 preferred stock rating of National Bank of Greece SA, NBG Finance plc and National Bank of Greece Funding Ltd.;

• The Ba1 deposit and senior debt ratings, Ba2 subordinated debt rating, Ba1 backed senior rating and B2 preferred stock of EFG Eurobank Ergasias SA, EFG Hellas plc, EFG Hellas (Cayman Islands) Ltd. and EFG Hellas Funding Ltd.;

• The Ba1 deposit and senior debt ratings, Ba2 subordinated debt rating, Ba1 backed senior rating and B2 preferred stock of Alpha Bank AE, Alpha Credit Group plc and Alpha Group Jersey Ltd.;

• The Ba1 deposit and senior debt ratings, Ba2 subordinated debt rating and Ba1 backed senior rating of Piraeus Bank SA and Piraeus Group Finance plc;

• The Ba2 deposit and senior debt ratings and Ba3 subordinated debt rating of Agricultural Bank of Greece SA and ABG Finance International plc; and

• The Ba2 deposit rating and Ba3 subordinated debt rating of Attica Bank SA and Attica Funds plc.

The review follows Moody's decision to place Greece's Ba1 government bond ratings on review for possible downgrade. Under the agency's methodology, a government's credit strength is a key input in assessing the capacity of a country to support its banking system which, in turn, can provide uplift to the deposit and debt ratings of a bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.