- Language: English
- Published: October 2012
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
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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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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