Fitch puts Aspis on evolving watch

Fitch Ratings said it revised the Rating Watch on Aspis Bank's B long-term issuer default rating to evolving from negative and affirmed its short-term issuer default rating at B, individual rating at E, support rating at 5 and support rating floor at "No Floor."

The rating action follows the bank's recent €48.4 million share capital increase, largely subscribed by new major shareholder TT Hellenic Postbank SA. The agency said the capital injection increased Aspis' tier 1 and total capital ratios to around 8% and 11%, respectively.

The Rating Watch evolving reflects Fitch's view that Aspis could benefit from a stronger and sustained commitment of Postbank regarding the provision of capital and funding support amid ongoing pressure from Aspis' still-weak financial position and the difficult operating environment in Greece. The Rating Watch also reflects Fitch's need to assess Postbank's longer-term commitment to Aspis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.