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Credit Notice: S&P To Assess The Credit Impact Of Its Downgrade Of Greece On Four Greek Banks And One Subsidiary Jun 11
Standard & Poors, June 2011
MADRID (Standard & Poor's) June 13, 2011--Standard & Poor's Ratings Services today lowered its long-term sovereign credit ratings on the Hellenic Republic (Greece) to 'CCC' from 'B'. The short-term ratings were affirmed at 'C'. At the same time, the ratings were removed from CreditWatch negative. The outlook is negative. (See "Long-Term Sovereign Rating On Greece Cut To 'CCC'; Outlook Negative," published today on RatingsDirect.) We believe that this downgrade could have a negative impact on the creditworthiness of the four Greek banks and one related international subsidiary that we rate, namely: National Bank of Greece S.A. (B/Watch Neg/C) and its strategically important Bulgarian subsidiary United Bulgarian Bank A.D. (B/Watch Neg/C), EFG Eurobank Ergasias S.A. (B/Watch Neg/C), Alpha Bank A.E. (B/Watch...
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: General Comment
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.
National Bank of Greece S.A.,Alpha Bank A.E.,EFG Eurobank Ergasias S.A.,Piraeus Bank S.A.,United Bulgarian Bank A.D.