Ratings On Hybrids And Subordinated Debt Issued By Piraeus Bank S.A. Lowered To 'C' And 'D' On Announced Tender Offer Mar 12
- ID: 2083938
- March 2012
- Standard & Poors
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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