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Four Greek Banks Downgraded To 'B+' After Greece Downgrade And BICRA Review; All Ratings Still On Watch Negative

Published Mar 31, 2011

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About This Report

Abstract:

On March 29, 2011, we lowered our long–term sovereign credit rating on Greece to 'BB-' from 'BB+' and maintained it on CreditWatch negative. At the same time, we placed our 'B' short-term sovereign credit rating on Greece on CreditWatch negative. We now believe that Greece's financial system faces a greater deterioration in the operating and economic environment ahead and an increased likelihood of a government debt restructuring. We are lowering our long-term counterparty credit ratings to 'B+' on the four Greek banks that we rate--National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, and Piraeus Bank. Our 'B' short-term counterparty credit ratings on these banks are unchanged. All ratings remain on CreditWatch negative, with the exception of our 'CCC-' ratings

Report Type:

Ratings Action

Ticker

ETE@GA

Issuer

National Bank of Greece S.A.

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Structured Finance

Country

Greece

Region

Europe, Middle East, Africa

Format:

HTML

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Four Greek Banks Downgraded To 'B/C' In Line With Revised Ratings On Greece; All Issuer Ratings Still On Watch Neg – 2011/05/11 – US$ 150.00

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Four Greek Banks Downgraded To 'CCC' With A Negative Outlook – 2011/06/15 – US$ 150.00

Research Update: Four Greek Banks Downgraded To 'B+' After Greece Downgrade And BICRA Review; All Ratings Still On Watch Negative – 2011/03/31 – US$ 225.00

Credit Notice: S&P To Assess The Credit Impact Of Its Downgrade Of Greece On Four Greek Banks And One Subsidiary – 2011/03/29 – US$ 150.00

Bulletin: National Bank of Greece And Alpha Bank Ratings Unaffected By NBG's Proposed Friendly Merger Between The Two Banks – 2011/02/22 – Free

Greek Banks Placed On CreditWatch Negative Following Similar CreditWatch Action On The Hellenic Republic – 2010/12/03 – US$ 150.00

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MLA:	S&P Global Ratings’ Credit Research. "Four Greek Banks Downgraded To 'B+' After Greece Downgrade And BICRA Review; All Ratings Still On Watch Negative" Mar 31, 2011. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Four-Greek-Banks-Downgraded-To-B-After-Greece-Downgrade-And-BICRA-Review-All-Ratings-Still-On-Watch-Negative-857802>

APA:	S&P Global Ratings’ Credit Research. (). Four Greek Banks Downgraded To 'B+' After Greece Downgrade And BICRA Review; All Ratings Still On Watch Negative Mar 31, 2011. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Four-Greek-Banks-Downgraded-To-B-After-Greece-Downgrade-And-BICRA-Review-All-Ratings-Still-On-Watch-Negative-857802>

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