Moody's Upgrades Three Greek Banks After Greece's Credit Rating Boost

Moody's has upgraded three Greek banks—Eurobank, National Bank of Greece (NBG), and Attica Bank—following Greece's sovereign credit rating upgrade to investment grade on Friday.

The agency raised the standalone Baseline Credit Assessment (BCA) of Eurobank and NBG to baa3 from ba1, and Attica Bank's BCA to b1 from b2, CE Report quotes Athens-Macedonian

On Monday, Moody's upgraded NBG's long-term deposit and senior unsecured ratings to Baa1 from Baa2, along with the BCA and Adjusted BCA to baa3 from ba1. NBG's long-term Counterparty Risk Rating (CRR) was also upgraded to Baa1 from Baa2.

For Eurobank, Moody's upgraded its long-term deposit and senior unsecured ratings to Baa1 from Baa2, and its BCA and Adjusted BCA to baa3 from ba1. Eurobank's short-term deposit ratings were affirmed at P-2, with its long-term CRR raised to Baa1 from Baa2.

Finally, Attica Bank saw upgrades across all long-term ratings, including its BCA and Adjusted BCA to b1 from b2, long-term deposit ratings to Ba2 from B1, and long-term CRR to Ba1 from Ba2. The outlook for Attica Bank's long-term deposit ratings remains positive.