Moody's rates Attica notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to the €100 million subordinated guaranteed floating-rate notes due in 2015 to be issued by Attica Funds plc and guaranteed by Bank of Attica SA.

The Ba2 subordinated debt rating reflects a one-notch difference from the Ba1 foreign currency deposit rating already assigned to Bank of Attica, in line with Moody's notching practice for subordinated debt.

Moody's existing ratings for Bank of Attica of Ba1/NP for long- and short-term foreign currency deposits and D for financial strength reflect the bank's adequate financial performance and growing business dynamism but also its small franchise, its late entry into certain market sectors and the challenges it faces in the increasingly competitive Greek banking market.

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