Credit Notice: S&P To Assess The Credit Impact Of Its Downgrade Of Greece On Four Greek Banks And One Subsidiary
- Language: English
- Published: May 2011
- Region: Greece
On May 9, 2011, we lowered our long- and short-term sovereign credit ratings on Greece to 'B/C' from 'BB-/B' and maintained them on CreditWatch negative. As a consequence, we are also lowering our long- and short-term counterparty credit ratings to 'B/C' from 'B+/B' on the four Greek banks we rate--National Bank of Greece (NBG), EFG Eurobank Ergasias, Alpha Bank, and Piraeus Bank--and on NBG's subsidiary United Bulgarian Bank. All ratings remain on CreditWatch negative, with the exception of our 'CCC-' ratings on these banks' junior subordinated notes and preference stock. The negative CreditWatch implications mirror those on our sovereign ratings on Greece and reflect our view of these banks' increasing vulnerability to the ongoing deterioration in their operating environment and...
Companies mentioned in this report are: National Bank of Greece S.A.,Alpha Bank A.E.,EFG Eurobank Ergasias S.A.,Piraeus Bank S.A.,United Bulgarian Bank A.D.
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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National Bank of Greece S.A.,Alpha Bank A.E.,EFG Eurobank Ergasias S.A.,Piraeus Bank S.A.,United Bulgarian Bank A.D.