Moody's acts on five Greek banks

Moody's Investors Service said it upgraded the long-term deposit and senior debt ratings of Piraeus Bank SA, National Bank of Greece SA and Alpha Bank AE by one notch to Caa1 (stable outlook) from Caa2 (negative outlook) and increased the banks' baseline credit assessments to caa2 from caa3, within the bank financial strength rating range of E.

At the same time, the agency affirmed and changed the outlook to positive from negative on Eurobank Ergasias SA's Caa2 deposit and senior debt ratings, and affirmed and changed the outlook to stable from negative on Attica Bank SA's Caa2 deposit rating. The bank financial strength rating of these banks was also affirmed at E (stable outlook), equivalent to a baseline credit assessments of caa3.

Moody's said the actions follow the recent improvement in the creditworthiness of the Government of Greece, reflected by its upgrade of Greece's sovereign bond rating to Caa3 (stable outlook) from C (no outlook).

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