Fitch ups Greek covered bonds to B

Fitch Ratings said it upgraded National Bank of Greece's (B-/stable/B), Piraeus Bank's (B-/stable/B), Alpha Bank's (B-/stable/B) and Eurobank Ergasias' (B-/stable/B) Greek mortgage covered bonds and assigned negative outlooks as follows:

• Alpha covered bonds, €3.75 billion: upgraded to B from CCC+; outlook negative;

• Eurobank covered bonds, €2.45 billion: upgraded to B from CCC+; outlook negative;

• NBG covered bonds (Program I), €846 million: upgraded to B from B-; outlook negative;

• NBG covered bonds (Program II), €8.4 billion: upgraded to B from CCC+; outlook negative; and

• Piraeus covered bonds, €1.25 billion: upgraded to B from CCC+; outlook negative.

Fitch said the action follows the upgrade of the Greek sovereign and the respective issuers to B- from CCC, reflecting Fitch's view on the rebalancing of the Greek economy and the banks' recapitalization.

The ratings of Greek covered bond programs remain capped at the country ceiling, which has been upgraded to B from B-.

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