Fitch ups Greek banks’ viability

Fitch Ratings said it affirmed the long-term issuer default ratings of National Bank of Greece SA, Alpha Bank AE, Piraeus Bank SA and Eurobank Ergasias SA at “restricted default” (RD).

At the same time the agency upgraded the four Greek banks' viability ratings to ccc from f.

This action follows a periodic review of Greek banks' ratings. Their issuer default ratings were downgraded to RD on June 29, 2015 following the imposition of restrictions on the withdrawal of deposits after large outflows from the banks in the first half of 2015.

Fitch said the upgrade of the viability ratings reflects the banks' improved liquidity and the agency’s expectation that the completion of the second review of Greece's third economic adjustment program reduces political risks and will strengthen depositor and investor confidence in the Greek banking system.

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