Ratings On Hybrids And Subordinated Debt Issued By Piraeus Bank S.A. Lowered To 'C' And 'D' On Announced Tender Offer Mar 12

Standard & Poors, March 2012

Abstract
On March 2, 2012, Greece-based Piraeus Bank S.A. (Piraeus) announced a tender offer to buy back series A outstanding preferred securities and series 21 subordinated medium-term notes due 2016. We consider the offer to be a "distressed" exchange under our criteria, because investors will receive less value than originally promised, and because the offer arises from Piraeus' financial distress. We are therefore lowering our issue ratings on the preferred securities to 'C' from 'CC' and on the subordinated debt to 'D' from 'CC'. Today's actions do not affect the counterparty credit ratings on Piraeus or the other issue ratings. MADRID (Standard & Poor's) March 6, 2012--Standard & Poor's Ratings Services said today that it has lowered to 'C' from 'CC'...

Companies mentioned in this report are: Piraeus Bank S.A.,Piraeus Group Finance PLC,Piraeus Group Capital Ltd.
Action: Downgraded

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.

Piraeus Bank S.A.,Piraeus Group Finance PLC,Piraeus Group Capital Ltd.

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