S&P cuts Eurobank Ergasias preferreds to C

Standard & Poor's said it has lowered to C from CC its issue rating on the €200 million 6% series C perpetual preferred securities issued by ERB Hellas Funding Ltd. and guaranteed by Greece-based Eurobank Ergasias SA (Eurobank), of which €50.4 million remains outstanding following two liability management exercises.

The rating action follows Eurobank's nonpayment of dividends on its preferred securities on the due date of Oct. 9, in line with its announcement on Oct. 4 of its intention to suspend dividend payments on these securities.

The suspension is in accordance with the terms and conditions of these instruments.

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