Fitch: Greek banks unaffected

Fitch Ratings said it sees no immediate impact on the ratings of Greek banks following the downgrade of Greece to C from CCC.

The long-term issuer default ratings of National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank AE, Piraeus Bank SA and Agricultural Bank of Greece SA remain on their support rating floors at B- and continue to reflect Fitch's assumption that international support from the International Monetary Fund, the European Union and the European Central Bank for Greek banks' refinancing, liquidity and recapitalization will remain in place during and on the completion of Greece's debt exchange.

However, the agency said it continues to see downside ratings risks as expressed by the Rating Watch negative on the banks' long-term issuer default ratings. Greek banks remain highly sensitive to the effects on their capital and liquidity of the new private sector involvement Greek debt exchange offer, the credit risk profile of Greece after the completion of the offer and any reduction in the likelihood and timeliness of international support, Fitch said.

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