Fitch: Greek banks on watch

Fitch Ratings said it placed the long-term issuer default ratings of several subsidiaries of National Bank of Greece SA and EFG Eurobank Ergasias SA (Eurobank) on Rating Watch negative.

The rating watch follows the placement of both banks on Rating Watch negative. The subsidiaries' issuer default ratings are based on potential institutional support from their respective Greek parent companies, Fitch said.

National Bank of Greece's subsidiary, United Bulgarian Bank, had its long-term foreign-currency issuer default rating of BB+ placed on Rating Watch negative. Its short-term foreign-currency issuer default rating was affirmed at B.

National Bank of Greece's subsidiary, Banca Romaneasca SA, had its long-term foreign-currency issuer default of BB+ placed on Rating Watch negative. Its short-term foreign-currency issuer default rating was affirmed at B.

National Bank of Greece's subsidiary, the South African Bank of Athens, had its national long-term rating of BBB+(zaf) placed on Rating Watch negative, along with its national short-term rating of F2(zaf).

Eurobank's subsidiary, Eurobank EFG Bulgaria AD, had its long-term foreign-currency issuer default rating of BB+ placed on Rating Watch negative. Its short-term foreign-currency issuer default rating was affirmed at B.

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