Moody's has upgraded three Greek banks, Eurobank, National Bank, and Attica Bank, following the upgrade of Greece's sovereign credit rating to investment grade on Friday. Moody's upgraded the standalone Baseline Credit Assessment (BCA) of Eurobank and National Bank to baa3 from ba1 and Attica Bank to b1 from b2.
In particular, Moody's upgraded on Monday the long-term deposit and senior unsecured ratings of National Bank of Greece (NBG) to Baa1 from Baa2, as well as the standalone Baseline Credit Assessment (BCA) and Adjusted BCA of the bank to baa3 from ba1. The bank's long-term Counterparty Risk Rating (CRR) was also upgraded to Baa1 from Baa2 and its long- and short-term Counterparty Risk Assessments (CR Assessment) were upgraded to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr).
As for Eurobank, Moody's has upgraded the long-term deposit and senior unsecured ratings of Eurobank to Baa1 from Baa2, as well as the standalone Baseline Credit Assessment (BCA) and Adjusted BCA of the bank to baa3 from ba1. The bank's short-term deposit ratings were affirmed at P-2. Its long-term Counterparty Risk Ratings (CRR) were upgraded to Baa1 from Baa2.
Moody's Ratings also upgraded all long-term ratings and assessments of Attica Bank as follows: its Baseline Credit Assessment (BCA) and Adjusted BCA to b1 from b2, its long-term deposit ratings to Ba2 from B1, long-term Counterparty Risk Ratings (CRR) to Ba1 from Ba2, and its long-term Counterparty Risk Assessment (CR Assessment) to Ba1(cr) from Ba2(cr). The banks' short-term CRR and deposit ratings were affirmed at NP, while the short-term CR assessment was affirmed at NP (cr). The outlook on the bank's long-term deposit ratings remains positive.