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Fitch ups Piraeus bonds to BBB-
Fitch Ratings said it upgraded Piraeus Bank SA's covered bonds' rating to BBB- from BB+. Fitch also affirmed Alpha Bank SA's covered bonds' rating at BB+.
“The upgrade of Piraeus's covered bonds reflects the improved characteristics of the cover pool, so that the 80% asset percentage (AP) Fitch relies upon supports a higher rating. The break-even AP for the BBB- covered bond's rating is 80.5%, compared with 81.5% for the previous BB+ rating. The change in the break-even AP mainly reflects the reduced share of restructured loans to 13% as of March 2021, from 28% in December 2019, as well as the higher rating scenario. The BB+ break-even AP for Alpha's covered bonds rating is unchanged at 79%,” the agency said in a press release.
The outlooks are stable.
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