Fitch lifts Alpha Bank

Fitch Ratings said it raised its issuer rating for Alpha Bank SA to B+ from B and affirmed the BBB- rating on its soft bullet bonds.

“The upgrade reflects Alpha's stronger capitalization as a result of structurally improved profitability, expected capital accumulation, and reduced capital encumbrance by unreserved problem assets. This is the result of Alpha's progress in reducing its legacy non-performing exposures (NPE) through disposals and organically. The resilience of the Greek economy in 2023, even in light of prevailing uncertainty further underpin the upgrade,” Fitch said in a press release.

The outlook is stable.

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