Fitch lifts Eurobank

Fitch Ratings said it upgraded Eurobank SA's and Eurobank Ergasias Services and Holdings SA’s long-term issuer default ratings to BB from BB-, and viability ratings to bb from bb-.

“The upgrades reflect structural improvement to Eurobank's profitability from higher interest rates and low deposit rates; on careful cost management; and normalized loan impairment charges (LICs) following the bank's successful strategy to reduce balance-sheet risk. This has allowed the bank to accumulate capital, strengthening buffers relative to regulatory requirements and provided greater flexibility to pursue investments and growth initiatives, which we expect to result in greater business-model sustainability,” Fitch said in a press release.

The outlooks are stable.

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