The four systemic banks were upgraded by Moody’s rating agency.
In detail, Moody’s upgraded the ratings of its long-term deposits National Bank and her Eurobank to “Ba3” from “B2”, of Alpha Bank to “B1” from “B2” and Piraeus Bank to “B2” from “B3”, Moody’s moved, maintaining the positive outlook of the four systemic banks.
The rating agency also upgraded its long-term deposit ratings Attica Bank to “Caa2” from “Caa3”, while changing the outlook to positive from stable.
In addition, its evaluation was confirmed Pancretan Bank in “Caa2”, while the The bank’s outlook also changed from positive to stable.
The elements that led to the decision are:
1) Strengthening the institutional framework and governance in the country, which improves the macroeconomic profile.
2) The improved quality of assets and the recurring profitability as it was recorded based on the balance sheets of 2021 by the four largest Greek banks. The improvement is attributed to the better operating and credit conditions and the implementation of the transformation plans.
3) The upgrade of Attica Bank’s creditworthiness is mainly due to its recent capital increase, which led to a higher grade.
The positive outlook reflects the rating agency’s expectation that Greek banks will continue to improve their credit profiles over the next 12-18 months and will be able to manage any new problem loans that may arise as a result of the coronavirus pandemic and recent inflationary pressures.
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