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Wednesday, September 18, 2024
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Economy

Fitch: Upgraded the Greek systemic banks

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The house says that the upgrades mainly reflect the improved rating of the country's operating environment to BB+

Fitch: Αναβαθμισε τισ ελλ ηνικσσυτημικςτρπεζες /></p> <p>The four Greek systemic banks were upgraded by Fitch Ratings, giving all of them a positive outlook. The house says that the upgrades mainly reflect the improved rating of Greece's operating environment to BB+.</p> <p>As the house's analysts emphasize, the Greek economy is expected to continue to “outperform” compared to the average of the Eurozone. These figures, combined with falling unemployment and the utilization of Recovery Fund resources, are expected to support banks' ability to take advantage of profitable business opportunities.</p> <p>In this context, Fitch now assesses National Bank at BB+, i.e. one step before investment grade, from BB with a positive outlook, attributing the upgrade to the improvement of its credit profile.</p> <p>Piraeus Bank also upgraded to BB from BB- with a positive outlook, also partly due to the improvement of the credit profile.</p> <p>Eurobank is upgraded to BB+ from BB with a positive outlook, respectively due to an improved credit profile. It is noted that, like Ethniki, Eurobank is now one step ahead of investment grade.</p> <p>Finally, Alpha Bank is upgraded to BB from BB- with a positive outlook, with the bank also talking about improved credit profile.</p> <p>As analysts note, the positive outlook reflects the house's expectation that the assessment of the operating environment may be further upgraded if positive macroeconomic trends continue, creating new opportunities for banks and favorable conditions for better performance.</p> <p><noindex></p> <div class=Source: www.kathimerini.com.cy

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