Fitch lifts four Greek banks

Fitch Ratings said it upgraded the long-term issuer default ratings of National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank Ergasias (Eurobank) to B- from CCC.

The agency also lifted the banks' short-term issuer default ratings to B from C and viability ratings to B- from F.

These upgrades follow the banks' recapitalization and a more stabilized macroeconomic environment in Greece, Fitch said. The agency said it recently upgraded Greece's sovereign rating to B- from CCC.

The outlook on the banks is stable, reflecting the close correlation with that of the sovereign, Fitch said.

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