Research Update: Four Greek Banks Downgraded To 'CCC' With A Negative Outlook Jun 11
Standard & Poors, June 2011
Abstract
We are of the view that Standard & Poor's rated Greek banks' financial profiles are exposed to significantly heightened risks as a result of deterioration in Greece's creditworthiness and Greek depositors' perceptions of a possible government debt restructuring. As a consequence, we are lowering our long-term counterparty credit ratings to 'CCC' from 'B' on the four Greek banks we rate. The negative outlook reflects the possibility that the banks could be downgraded again if we believe the banks are likely to default on their obligations as defined by our criteria. On June 15, 2011, Standard & Poor's Ratings Services lowered its long-term counterparty credit ratings to 'CCC' from 'B' on four Greek banks--National Bank of Greece S.A. (NBG), EFG Eurobank...
Companies mentioned in this report are: National Bank of Greece S.A.,Alpha Bank A.E.,EFG Eurobank Ergasias S.A.,Alpha Credit Group PLC,Piraeus Bank S.A.,EFG Hellas PLC,NBG Finance PLC,Alpha Group Jersey Ltd.,Piraeus Group Finance PLC,National Bank of Greece Funding Ltd.,EFG Hellas (Cayman Islands) Ltd.,Piraeus Group Capital Ltd.,EFG Hellas Funding Ltd.,EFG Ora Funding Limited III
Action: Downgraded
Action: Outlook: 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.
National Bank of Greece S.A.,Alpha Bank A.E.,EFG Eurobank Ergasias S.A.,Alpha Credit Group PLC,Piraeus Bank S.A.,EFG Hellas PLC,NBG Finance PLC,Alpha Group Jersey Ltd.,Piraeus Group Finance PLC,National Bank of Greece Funding Ltd.,EFG Hellas (Cayman Islands) Ltd.,Piraeus Group Capital Ltd.,EFG Hellas Funding Ltd.,EFG Ora Funding Limited III
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