Fitch rates Eurobank CCC+

Fitch Ratings said it assigned Eurobank SA a long-term issuer default rating of CCC+. Eurobank is a newly-established operating bank and issuing entity, which replaces the former Eurobank Ergasias SA, which is now the holding company of the group under a new legal name Eurobank Ergasias Holdings and Services SA. As a result, Fitch affirmed and withdrew all of the HoldCo’s issuer ratings due to the reorganization of the rated entity.

Eurobank Ergasias’ long-term ratings have been affirmed and transferred to Eurobank following the hive-down.

The long-term senior preferred debt ratings remain two notches below Eurobank’s long-term IDR due to poor recovery prospects.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.