The house says the upgrade reflects continued progress in reducing Piraeus Bank’s non-performing exposures (NPEs).
Fitch upgraded the credit rating of Piraeus Bank to “B” with positive outlook from “B-” today.
On Friday, the house upgraded Greece’s credit rating to “BB+”, one step below investment grade, while yesterday it upgraded the credit ratings of Eurobank, Alpha Bank and National Bank.
In a statement, the house states that the upgrade reflects the continued progress in reducing Piraeus Bank’s non-performing exposures (NPEs) and the strengthening of supervisory capital ratios through its structurally improved profitability as well as capital management actions.
This has resulted in improved “cushions” on top of supervisory obligations and a significant reduction in the impact on funds from non-performing loans, for which no provision has been made.
“The positive outlook reflects our expectation that further consolidation of asset quality and improved profitability will further strengthen the bank’s capital position, which is currently weaker than other banks,” the house notes, adding that “the expected resilience of the Greek economy in 2023, despite the uncertainty that remains, further supports the upgrade”.
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