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Research Update: Four Greek Banks Downgraded To 'B/C' In Line With Revised Ratings On Greece; All Issuer Ratings Still On Watch Neg Product Image

Research Update: Four Greek Banks Downgraded To 'B/C' In Line With Revised Ratings On Greece; All Issuer Ratings Still On Watch Neg

  • Published: May 2011
  • Standard & Poors

Abstract
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: Downgraded
Action: On CreditWatch:Negative

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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.

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