Moody’s lifts Greek Banks to Ca

Moody's Investors Service said it upgraded to Ca from C the long-term senior debt ratings of Alpha Bank AE, Eurobank Ergasias SA, National Bank of Greece SA and Piraeus Bank SA.

At the same time, the agency affirmed the Caa3 long-term deposit ratings of the aforementioned banks (and Attica Bank SA), and upgraded all five banks' baseline credit assessments to caa3 from ca.

The long-term debt and deposit ratings carry stable outlooks.

"The upgrade of the Greek banks' BCAs and debt ratings primarily reflects the successful completion of the recapitalization process by all rated banks, which has strengthened their capital metrics, as well as our expectation of modest and gradual improvements in funding," Moody’s senior credit officer Nondas Nicolaides said in a news release.

"Our ratings balance these improvements in the banks' credit profiles against the still significant downside risks due to the fragile operating environment in Greece."

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