LONDON (Standard&Poor's CreditWire) Dec. 17, 1999--Standard&Poor's today upgraded its ratings on National Bank of Greece S.A. (National Bank), Alpha Credit Bank A.E. (Alpha), and Commercial Bank of Greece S.A. (Commercial Bank), and affirmed its ratings on EFG Eurobank S.A. In addition, the outlooks on Alpha, National Bank, and EFG Eurobank were revised to positive from stable. The outlook on Commercial Bank is stable. (See list below for all ratings affected.) These rating actions reflect the improvements in the banking system's industry and economic risks over the past two years, together with the strengthening of the financial profiles of the banks--which are benefiting from deregulation, lower interest rates, and the current boom in the Athens Stock Market.
