Fitch upgrades Eurobank

Fitch Ratings said it upgraded Eurobank SA’s long-term issuer default rating to B- from CCC+.

“The upgrade follows the completion of Eurobank’s securitization of €7.5 billion of non-performing exposures (NPEs), resulting in a significantly lower NPE/gross loans ratio compared with domestic peers,” Fitch said in a press release.

Also, Fitch upgraded the long-term senior preferred ratings for the bank, ERB Hellas plc and ERB Hellas (Cayman Islands) Ltd. to CCC from CCC-.

The outlook is negative.

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