S&P upgrades Greek banks

4 July 2018
188 Views

The S&P credit rating agency announced the upgrading of the creditworthy four Greek banks – Alpha Bank, Eurobank, The Greek National Bank and Piraeus Bank – following the upgrading of the Greek government’s lender.

“On June 25, 2018, we upgraded Greece’s long-term foreign and domestic currency ratings to from B to B+ due to the reduction in debt servicing risks. We anticipate that the successful completion by Greece of the fourth ESM evaluation will help improve depositors and investors’ confidence in the banking system, “said the company, adding that:” For this reason, we are increasing our long-term and short-term credit assessments by Alpha Bank, Eurobank, National Bank and Piraeus Bank to “B-/ B” from “CCC +/C”.

Furthermore, the credit rating agency says that “the outlook for ratings is stable, reflecting our view that the risks to the creditworthiness of the banks are balanced”.

The upgrading, the company notes, “also reflects our view that improved liquidity and the growth of the economy will support the ability of Greek banks to maintain their financial commitments and to gradually improve their balance sheets over the long term”.

“We expect growth of confidence and the ease of capital controls will pave the way for a steadier inflow of deposits and improve banks’ access to capital markets. We estimate that some 13 billion or 9% of deposits have returned to Greek banks from mid May 2017 to the end of May 2018 and banks have restricted their dependence on the European Central Bank’s liquidity facilities by 63% or 36 billion euros.”

You may be interested

Syriza MPs attacked during the 17th November Polytechnic celebrations (video)
GREECE
shares47 views
GREECE
shares47 views

Syriza MPs attacked during the 17th November Polytechnic celebrations (video)

makis - Nov 16, 2018

A delegation of SYRIZA MPs that went to lay a wreath in honour of the “17th November Polytechnic” celebration was…

Greek Church Hierarchy rejects Tsipras-Ieronymos plan on clergy payment regime
GREECE
shares39 views
GREECE
shares39 views

Greek Church Hierarchy rejects Tsipras-Ieronymos plan on clergy payment regime

makis - Nov 16, 2018

The prelacy of the Greek Orthodox Church rejected the draft agreement between Greek PM Alexis Tsipras and Archbishop of Athens…

Gavdos, an island at the end of the Continent
GREECE
shares565 views
GREECE
shares565 views

Gavdos, an island at the end of the Continent

Panos - Nov 16, 2018

Described by Homer as the place where Odysseus shipwrecked on his way back from Troy, Gavdos is a remote island…

Leave a Comment

Your email address will not be published.