Fitch cuts five Greece banks

Fitch Ratings said it downgraded the long-term issuer default ratings to B- from B+ on the National Bank of Greece, Efg Eurobank Ergasias, Alpha Bank, Piraeus Bank and Agricultural Bank of Greece.

The banks' ratings also were maintained on Rating Watch negative, along with their B short-term issuer default ratings.

The actions follow the downgrade of Greece's sovereign rating to CCC from B+, Fitch said.

The ratings reflect the risk of a downgrade if there are any further downgrades of Greece's sovereign rating, the agency said.

The downgrades indicate the banks' deteriorating creditworthiness, Fitch said, and a view that pressure on their capital, funding and liquidity and asset quality is escalating due to serious concerns about the Greek sovereign and the economy.

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