“Piraeus Financial Holdings S.A.” informs the investing public that its subsidiary, Piraeus Bank SA, was upgraded by Moody’s Ratings investment grade Baa3 with positive outlook.

Moody’s Ratings points out that its decision is a result of the Bank’s significant balance sheet consolidation, stable operating profitability, enhanced capital ratios, and strong liquidity profile.

Moody’s upgraded Piraeus’ long-term deposit rating to “Baa3” from “Ba1”, improving its senior debt rating by two notches to “Baa3” from “Ba2”. The outlook for Piraeus Bank’s senior debt and long-term deposit ratings remains positive, reflecting expectations for further upgrades over the next 12-18 months.

Commenting on this development, Christos Megalou, CEO of Piraeus, said: “We are very pleased to have regained investment grade after 14 years. This achievement is the result of the hard work and dedication of the Piraeus team, and reflects our unwavering commitment to financial discipline, strategic growth and value creation. We will continue to build on this momentum and generate sustainable profitability for the future.”