Fitch rating agency upgraded the four largest banks of Greece on Tuesday, citing as reasons the improvement of their standalone credit profile and in the operational environment in Greece.
Fitch Ratings has upgraded National Bank of Greece SA's (NBG) and Eurobank's (NBG) Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+', with stable outlook, and those of Alpha Bank and Piraeus Bank to 'BB+' from 'BB', with positive outlook for outlook for both.
In commenting on all four banks, the credit rating agency said, "The upgrade also reflects Fitch's improved assessment of Greece's operating environment to 'bbb-'. We expect the Greek economy to continue to outperform the eurozone average, supported by a steady acceleration in investments, moderate consumption growth and a further fall in unemployment. Paired with the deployment of the country's Recovery and Resilience Fund, this should support banks' ability to capture profitable business opportunities."