Fitch Downgrades Greek Banks to 'CCC' on Sovereign Downgrade

April 1, 2015 3:11 PM

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(The following statement was released by the rating agency) LONDON, April 01 (Fitch) Fitch Ratings has downgraded National Bank of Greece S.A.'s (NBG), Piraeus Bank, S.A.'s (Piraeus), Eurobank Ergasias S.A.'s (Eurobank) and Alpha Bank AE's (Alpha) Long-term Issuer Default Ratings (IDR) to 'CCC' from 'B-' and Viability Ratings (VRs) to 'ccc' from 'b-'.

At the same time, the four banks' ratings have been removed from Rating Watch Negative (RWN). A full list of rating actions is at the end of this rating action commentary. The rating actions follow the downgrade of Greece's sovereign rating on 27 March 2015 (see 'Fitch Downgrades Greece's IDRs to 'C...

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