Fitch upgrades Eurobank

Fitch Ratings said it upgraded Eurobank SA's and Eurobank Ergasias Services and Holdings SA’s long-term issuer default rating and its senior preferred notes to BB- from B+.

“The upgrades reflect the structural improvements to Eurobank's profitability as a result of its successful de-risking and restructuring, supported by rising interest rates and economic growth in Greece. Buffers over regulatory capital requirement have strengthened, and we expect internal capital generation to continue supporting metrics. The upgrade also reflects that Eurobank's funding stability and diversification have improved following consistent deposit growth and recent wholesale debt issuances. The expected resilience of the Greek economy in 2023, even in light of prevailing uncertainty, further underpin the upgrade,” the agency said in a press release.

The outlook is stable.

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