Research Update: Greece-Based Piraeus Bank 'CCC/C' Ratings Affirmed After Agricultural Bank of Greece Acquisition; Outlook Negative Aug 12
- Language: English
- Published: August 2012
- Region: Greece
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.
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Piraeus Bank S.A.,Piraeus Group Finance PLC,Piraeus Group Capital Ltd.