March 31, 2011
Standard & Poor’s cut the credit ratings of four Greek banks and put the country’s banking system as a whole into a higher risk category on “heightened economic and industry risks for the Greek financial system.”
National Bank of Greece SA (ETE), EFG Eurobank Ergasias SA (EUROB), Alpha Bank SA and Piraeus Bank SA (TPEIR) all had their long-term counterparty credit ratings lowered to B+, S&P said in a statement today. The country’s banking industry risk assessment was downgraded two notches to the fourth-lowest, the same level as Romania, Bulgaria, Lithuania and Hungary.
The cut comes two days after S&P lowered the rating on Greece’s sovereign debt to BB- from BB+ on concern that a European debt crisis resolution mechanism would incur losses on private creditors.
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