Fitch raises Eurobank

Fitch Ratings said it hiked Eurobank SA's long-term issuer default rating to B+ from B-.

“The two-notch upgrade reflects Eurobank's strong progress in reducing the stock of impaired loans in the last two years, despite the challenges posed by the pandemic, which has resulted in a significant decline in the level of capital encumbered by problem assets. As a result, recurring earnings prospects for Eurobank have also improved, albeit from modest levels,” Fitch said in a press release.

The outlook is stable.

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