Fitch ups Greek bank debt programs

Fitch Ratings said it upgraded Eurobank Ergasias SA's and National Bank of Greece SA's government-guaranteed debt programs to B from B-.

The action follows the Feb. 16 upgrade of Greece's long-term foreign-currency issuer default rating to B.

The banks’ government-guaranteed debt are senior unsecured instruments that are unconditionally and irrevocably guaranteed by the Greek State under the Greek Law 3723/2008 "for the enhancement of liquidity of the economy in response to the impact of the international financial crisis," Fitch said in a news release.

The ratings reflect the agency’s expectation that Greece would honor the guarantees provided to the noteholders and that these guaranteed obligations would be treated equally with other senior obligations of the Greek State.

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