Moody’s ups Greek banks

Moody’s Investors Service said it raised its ratings for Greek banks, citing structural improvements in the Greek economy and substantial improvements in the banks’ financial fundamentals.

“Moody's projects 2.2% average annual real GDP growth for 2023-27, with investment and consumption being the main drivers of growth, outperforming the euro area average growth. Over the coming three to four years public and private investment will be strongly supported by funds under the European Recovery and Resilience Facility (RRF), while the rating agency also expects the positive trend in foreign direct investment inflows to continue on the back of better economic prospects, ongoing privatizations and further structural reforms,” the agency said in a press release.

Moody’s raised Alpha Bank SA’s senior unsecured debt rating was upgraded to Ba2 from Ba3, Eurobank SA’s senior unsecured debt rating was upgraded to Ba1 from Ba3, National Bank of Greece SA’s senior unsecured debt rating to Ba1 from Ba3 and Piraeus Bank SA’s senior unsecured debt rating to Ba2 from B1.

The outlook for the four banks is positive.

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