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Rating Action:

Moody's takes positive rating actions on Greek banks

05 Mar 2019

Limassol, March 05, 2019 -- Moody's Investors Service (Moody's) has today upgraded the long-term deposit ratings of National Bank of Greece S.A., Alpha Bank AE and Eurobank Ergasias S.A. to Caa1 from Caa2, affirmed Piraeus Bank S.A.'s and Pancretan Cooperative Bank Ltd's long-term deposit rating at Caa2, and also affirmed Attica Bank S.A.'s long-term deposit rating at Caa3.

The rating agency has also upgraded the long-term counterparty risk assessments (CRA) of Piraeus Bank S.A., National Bank of Greece S.A., Alpha Bank AE and Eurobank Ergasias S.A. to B2(cr) from B3(cr), upgraded the CRA of Attica Bank S.A. to B3(cr) from Caa1(cr), and affirmed the CRA of Pancretan Cooperative Bank Ltd at B3(cr). The long-term counterparty risk ratings (CRR) of National Bank of Greece S.A. and Eurobank Ergasias S.A. were upgraded to B2 from Caa1, while the CRRs of Piraeus Bank S.A. and Alpha Bank AE were upgraded to B3 from Caa1. Attica Bank S.A.'s long-term CRR was upgraded to Caa1 from Caa2, and Pancretan Cooperative Bank Ltd's CRR was affirmed at B3. All the banks' short-term ratings were affirmed at Not-Prime (NP), (P)NP and NP(cr).

The government-guaranteed senior MTN program ratings of National Bank of Greece S.A., Alpha Bank AE and Eurobank Ergasias S.A. were also upgraded to (P)B1 from (P)B3, in line with Moody's recent rating upgrade of the Government of Greece. Concurrently, Moody's has upgraded the baseline credit assessment (BCA) of National Bank of Greece S.A., Alpha Bank AE and Eurobank Ergasias S.A. to caa1 from caa2, affirmed Piraeus Bank S.A.'s at caa2 and those of Attica Bank S.A. and Pancretan Cooperative Bank Ltd at caa3.

The outlook on the deposit ratings of National Bank of Greece S.A., Alpha Bank AE and Eurobank Ergasias S.A. was changed to stable from positive, while the outlook on the deposit ratings of Piraeus Bank S.A., Attica Bank S.A. and Pancretan Cooperative Bank Ltd was changed to positive from stable.

A full list of affected ratings is provided at the end of this press release.

RATINGS RATIONALE

Today's rating action on Greek banks was primarily driven by the improving economic conditions and more benign operating environment, as indicated by the rating agency's upgrade of the Government of Greece to B1 (stable) from B3 (positive) on 1 March 2019 (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_395805). The revised bank ratings and outlooks also reflect Moody's expectation for further improvements in banks' underlying financial fundamentals through lower level of problem loans, increasing customer deposits and gradual enhancement of their weak profitability. The rating agency said that the improvement in the operating environment fundamentally translates banks' financials being more compatible with a higher rating level.

Moody's positive rating actions on Greek banks were underpinned by improvements in the country's economic and institutional strength, which lead to a revision of the Macro Profile Moody's assigns to Greece to 'Weak' from 'Weak-'. This was primarily triggered by Greece's continued rebound in economic growth, with provisional GDP data for Q3 2018 indicating 2.2% year-on-year from 1.7% in Q2 2018. The rating agency expects GDP growth of around 2.2% in 2019 marginally higher than 2.1% in 2018, as consumer and business confidence as well as the labour market conditions (unemployment rate at 18.5% in November 2018, the lowest since July 2011) improve along with continued reform momentum.

Greece's macro profile also reflects the difficult credit and funding conditions, with structural challenges faced by all banks. The higher Macro Profile, which is used in Moody's banking scorecards that derive the banks' BCAs, combined with the rating agency's expectation of gradual improvements in banks' financial fundamentals as the economy recovers, will support their standalone credit profiles and ratings going forward.

The deposit ratings and CRA/CRR upgrades were also driven by Moody's decision to start recognising in its analysis as tangible common equity (TCE), part of banks' sizeable deferred tax credits (DTCs of around €16 billion in total) in their capital structure following Greece's sovereign rating upgrade to B1 (stable) from B3 (positive). The stronger creditworthiness of the sovereign signals an enhanced capacity to honour these DTCs, and that leads the rating agency to partly incorporate them in its assessment for each bank's credit profile.

The rating action also reflects the rating agency's expectation that the improving economic conditions combined with the nonperforming exposures (NPE) reduction plans currently being discussed and proposed by the Hellenic Financial Stability Fund (HFSF) and the Bank of Greece, will help banks to reduce significantly problem loans. Concurrently, the rating agency said that its revised ratings take into account the improvements in banks' funding and liquidity in the last few quarters, and the expectation of the full repayment of the emergency liquidity assistance (ELA) for the system in 2019 and continuation of the deposit growth that gathered pace during 2018 (€7.6 billion increase in private-sector deposits).

Moody's said that its Greek bank ratings balance the prospects for further improvements and stabilisation in their credit profiles in 2019-20 in a more benign operating environment, against the still significant downside risks to their solvency stemming from the very high level of NPEs (46.7% of gross loans for the system as of September 2018) and the challenge to grow their loan books and revenues.

RATINGS RATIONALE FOR INDIVIDUAL BANKS

--- NATIONAL BANK OF GREECE S.A.

National Bank of Greece S.A.'s (NBG) deposit and CRA/CRR upgrades are mainly driven by the upgrade in its BCA to caa1 from caa2, triggered by the improving economic conditions in the country. The ratings upgrade takes into consideration the improved quality of its capital base, with a reported common equity Tier 1 (CET1) ratio of 16.4% in September 2018 incorporating DTCs of around €4.6 billion. Based on the rating agency's methodology, its recent sovereign rating upgrade to B1 has enhanced the government's capacity to honour such DTCs, which improved the bank's estimated tangible common equity (TCE) significantly (TCE over risk-weighted assets ratio increased to 8.3% from 0.1% before) supporting its solvency and overall credit profile. The higher sovereign rating in effect suggests that Greece's creditworthiness is now at a level where the government could honour such DTCs in case of need, which underpins Moody's capital treatment to partly recognise these assets in its TCE calculation.

The bank's BCA of caa1 also reflects one of the lowest nonperforming loans (NPL) and NPE ratios among its local peers at 30% and 42%, respectively, as of September 2018, while the NPL and NPE provisioning coverage was 82% and 60%, the highest within its local peer group. The rating agency believes that a combination of NPE recoveries/reschedulings, electronic-auctions, liquidations, sale and write-offs in a more favourable operating environment, will help the bank meet its NPE reduction targets. In addition, the bank will be in a position to further enhance its relatively weak core pre-provision income (PPI), which reduced by 44% year-on-year in the first nine-months of 2018, combined with further reduction in its operating expenses.

The BCA upgrade also takes into account the stronger than peers funding and liquidity position that NBG has relative to its local peers. The bank has no emergency liquidity assistance (ELA) outstanding since December 2017, while its customer deposits grew by 9.1% year-on-year as of September 2018. The bank has the lowest loans-to-deposits ratio among its local peers at 72% in September 2018 underpinned by its strong deposit savings franchise in Greece, and is the only bank that meets the liquidity coverage ratio (LCR) at 124%.

The stable deposit rating outlook balances the bank's recent improvements in its underlying financial fundamentals, and the challenges for further significant enhancements particularly in asset quality and profitability. Moody's notes that the still high stock of problem loans pose material downside risks to the bank's solvency, which for now constrain its BCA evolution beyond caa1.

--- ALPHA BANK AE

Alpha Bank AE's deposit rating upgrade to Caa1 from Caa2 is driven by its BCA upgrade to caa1 from caa2, which reflects its relatively stronger tangible capital position, and the resulting higher loss absorption cushion compared to its local peers. The bank had the highest regulatory common equity Tier 1 (CET1) ratio of 18.3% in September 2018, while its tangible common equity (TCE) ratio as adjusted by the rating agency to incorporate the more valuable DTCs following the improved sovereign credit profile, increased to around 11% from 6.4% before. Moody's notes that Alpha Bank has the lowest level of DTCs in its capital base among the large banks at around €3.3 billion in September 2018, which comprised around 37% of its nominal CET1 capital.

Concurrently, the bank's BCA of caa1 also captures the significant challenge in tackling its problem loans with its NPL and NPE ratios at a high 34% and 50% respectively as of September 2018, and NPL and NPE provisioning coverage of around 69% and 47%, respectively. Moody's believes that the bank's retail transformation plan, which was launched in July 2018 and gathers pace prescribing longer-term restructurings and solutions to its problematic exposures, will help the bank reduce its NPEs and achieve its target of €8 billion (implying an NPE ratio of around 20%) by the end of 2021 from €22.5 billion in Greece as of September 2018.

The bank's improving funding profile is also a driving factor of the rating action, with ELA balance at only €0.8 billion in mid-November 2018, down from €8.4 billion in September 2017, comprising 1.3% of its total assets. Moody's expects this type of funding to be fully repaid in Q1 2019. The rating agency notes the bank's customer deposits that grew by 13.8% year-on-year as of September 2018. The bank's BCA also considers its positive but still weak profitability, with a net profit of around €53 million for the first nine-months of 2018, despite the 14.4% year-on-year decline in its core PPI.

The stable outlook for the bank's deposit ratings, is mainly driven by the significant challenge that the bank faces to achieve sustainable reduction of its high level of NPEs, which still pose significant downside risks to the bank's credit profile.

--- EUROBANK ERGASIAS S.A.

Eurobank Ergasias S.A.'s (Eurobank) deposit rating upgrade to Caa1 from Caa2 is in line with its BCA upgrade to caa1 from caa2 taking into account its stronger than local peers financial performance and profitability in the first nine-months of 2018, but also the significant enhancement in its TCE to risk-weighted assets ratio to 6.1% (incorporating part of its DTCs) from marginally negative before, following the sovereign rating upgrade to B1 that effectively enhanced the value of these DTCs. The bank's reported CET1 ratio was 14.6% in September 2018, while its core PPI was 1.1% higher year-on-year during the first nine-months 2018, recording a net profit of €80.8 million from €61 million the year before.

Moody's said that Eurobank's ratings upgrade also considers its recently announced transformation plan, expected to be completed in 2019, which will help it further improve its tangible capital base and profitability, while also de-risk its balance sheet by significantly reducing its NPE stock through securitisation and deconsolidation in an improving operating environment. The bank's NPL and NPE ratio were at around 31% and 39%, respectively, as of September 2018 and its NPL and NPE provisioning coverage was around 68% and 54%, respectively.

The bank's ELA as of November 2018 was €1.2 billion, comprising around 2.1% of its total assets, down from €7.9 billion at the beginning of 2018, with customer deposits growing by 13.3% year-on-year as of September 2018. Moody's believes that the bank will be able to repay its ELA in 2019, and that its funding capacity will improve over time, especially following the completion of its transformation plan.

The stable outlook balances the potential for further improvements in the bank's earnings and funding profile, but also the still high downside risks from its high level of NPEs and modest capital metrics relative to its local peers, which in turn constrain Eurobank's BCA for now.

--- PIRAEUS BANK S.A.

Piraeus Bank S.A. (Piraeus Bank)'s CRA and CRR upgrades to B2(cr) and B3 respectively are underpinned by the bank's higher loss absorbing capital incorporated in the rating agency's loss given failure (LGF) analysis of the bank's liability structure. The recent sovereign rating upgrade to B1 (stable) from B3 (positive), means that the bank's TCE now incorporates part of the bank's DTCs and has increased to around 4.9% of its tangible banking assets (from a very low 0.7% before) that fundamentally drives its CRA/CRR upgrade. The bank's CET1 ratio of 13.7% in September 2018 was the lowest among the large Greek banks, including the €2 billion of contingent convertible (CoCos) instruments that the bank in its sole discretion will repay at any time to the HFSF subject to approval by the ECB.

The bank's BCA and long-term deposit ratings affirmation at caa2 and Caa2 respectively, takes into account the still weaker than local peers asset quality position of the bank, with NPL and NPE ratios of around 33% and 54%, respectively, as of September 2018. In addition, the bank's NPL and NPE provisioning coverage was at 79% and 49%, respectively. However, the rating agency expects the bank's asset quality to gradually improve in view of the improved economic conditions and its focus and active management of its NPEs, and the additional tools provided to the banks for managing their NPEs through recent legislative measures, driving the positive outlook.

The bank's positive rating outlook also captures improvements in its funding profile with no emergency liquidity assistance (ELA) outstanding since July 2018, and an increase in customer deposits in Greece by 9% year-on-year in September 2018. Accordingly, the bank's net loans to deposits ratio improved to 91% in September 2018 from 105% in December 2017. Moody's positive rating outlook also considers Piraeus Bank's positive net result for the first nine-months in 2019, reporting a gain of €40 million (excluding discontinued operations) compared to a net loss of €15 million the year before. However, the bank's recurring PPI was down by 13% year-on-year, mainly affected from pressure in its net interest income.

--- ATTICA BANK S.A.

The upgrade of Attica Bank S.A.'s CRA and CRR to B3(cr) and Caa1 respectively is mainly driven by the improved capacity of the sovereign to honour the bank's DTCs, as signaled by the government rating upgrade to B1 from B3. The incorporation of DTCs in the bank's TCE calculation that is incorporated in the rating agency's LGF analysis, provides additional loss absorption cushion to the bank's most senior creditors.

The bank's BCA and long-term deposit rating were affirmed at caa3 and Caa3 respectively. The rating affirmation takes into consideration its lower than peers CET1 ratio of 12.2% in September 2018, including €100.2 million of state preference shares. The BCA of caa3, the lowest among Greek banks, also reflects the bank's weak earnings profile with PPI reducing by around 86% year-on-year during the first nine months in 2018, resulting in a net loss of €36.7 million. The bank, which is one of the smallest among Greek banks with a market share of only around 1.5%, reported an NPE ratio of 52.4% in September 2018, with a provisioning coverage of 42.5%.

The positive outlook on the bank's deposit rating of Caa3, which is in line with its BCA of caa3, reflects the rating agency's expectation that the on-going restructuring at the bank by the new senior management will start yielding tangible results in its performance over the next 12-18 months. The positive rating outlook also captures the improvements in the bank's funding and liquidity, with customer deposits increasing by 15% year-on-year as of September 2018 and ELA reducing to around €95 million at the end of December 2018 (from €929 million in December 2017), following an interbank repo transaction using a government-guaranteed bond issued for €350 million in December 2018.

In addition, the positive rating outlook also takes into consideration the repayment of the bank's state preference shares in December 2018, and its improved pro-forma CET1 ratio of 13.2%. Concurrently the rating agency acknowledges the bank's two NPE securitisations for a total amount of €2 billion, which will effectively reduce its pro-forma NPE ratio to around 35% with a provisioning coverage of 38%.

--- PANCRETAN COOPERATIVE BANK LTD

The affirmation of Pancretan Cooperative Bank Ltd's BCA at caa3, including its long-term deposit rating of Caa2, takes into consideration the bank's weaker than local peers capitalisation, with a CET1 ratio of 9.7%, and an NPE ratio of a high 61.5% and provisioning coverage of 41.7% in September 2018. The BCA of caa3 also reflects the bank's relatively weaker loans and earnings geographical diversification, given its predominant focus area on small businesses and SMEs on the island of Crete, and also the need for the bank to modernise and upgrade its IT systems and risk management tools. The ratings affirmation also captures the challenge faced by the bank to enhance its revenue base and the likely need to book additional loan loss provisions going forward, given its lower-than-peers NPE provisioning coverage.

The positive rating outlook takes into account the bank's capital increase in January 2019, raising around €3.8 million of CET1 capital and €9.4 million of Tier 2 debt, which will marginally enhance the bank's capital base and loss absorption buffer. In effect, Moody's expects that the bank's CET1 ratio will increase by approximately 30 basis points. The positive rating outlook also considers the bank's ability to increase its customer deposits by around 10.3% during the first nine-months of 2018, while the rating agency understands that the bank's deposits continued to increase even during its recent capital raising exercise. These positive developments are likely to gradually exert positive pressure on the bank's BCA and deposit ratings over the next 12-18 months.

WHAT COULD MOVE THE RATINGS UP/DOWN

Over time, upward deposit and senior debt rating pressure could arise following further improvements of the country's macro-economic environment, combined with better asset quality, profitability and funding. The return of more deposits back to the banking system would also increase the pool of unsecured obligations available to banks, which could trigger a deposit and senior debt rating upgrade driven by the rating agency's LGF approach.

Greek banks' deposit and senior debt ratings could be downgraded in the event of political turmoil in the country for an extended period of time that substantially affects domestic consumption and economic activity, which have gradually been recovering from a very low base.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in August 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

LIST OF AFFECTED RATINGS

Issuer: Alpha Bank AE

..Upgrades:

.... Adjusted Baseline Credit Assessment, Upgraded to caa1 from caa2

.... Baseline Credit Assessment, Upgraded to caa1 from caa2

.... Long-term Counterparty Risk Assessment, Upgraded to B2(cr) from B3(cr)

.... Long-term Counterparty Risk Rating, Upgraded to B3 from Caa1

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)Caa1 from (P)Caa2

....Backed Senior Unsecured Medium-Term Note Program, Upgraded to (P)B1 from (P)B3

....Subordinate Medium-Term Note Program, Upgraded to (P)Caa2 from (P)Caa3

.... Long-term Bank Deposits, Upgraded to Caa1 from Caa2, Outlook Changed To Stable From Positive

..Affirmations:

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Short-term Counterparty Risk Rating, Affirmed NP

.... Short-term Bank Deposits, Affirmed NP

.... Other Short Term, Affirmed (P)NP

..Outlook Action:

....Outlook Changed To Stable From Positive

Issuer: Alpha Credit Group plc

..Upgrades:

.... Backed Senior Unsecured Medium-Term Note Program, Upgraded to (P)Caa1 from (P)Caa2

....Backed Subordinate Medium-Term Note Program, Upgraded to (P)Caa2 from (P)Caa3

....Backed Senior Unsecured Regular Bond/Debenture, Upgraded to Caa1 from Caa2, Outlook Changed To Stable From Positive

....Backed Subordinate Regular Bond/Debenture, Upgraded to Caa2 from Caa3

..Affirmations:

....Backed Commercial Paper, Affirmed NP

....Backed Other Short Term, Affirmed (P)NP

..Outlook Action:

No Outlook Assigned

Issuer: Alpha Group Jersey Limited

..Upgrades:

.... Backed Senior Unsecured Medium-Term Note Program, Upgraded to (P)Caa1 from (P)Caa2

.... Backed Subordinate Medium-Term Note Program, Upgraded to (P)Caa2 from (P)Caa3

.... Backed Pref. Stock Non-cumulative Preferred Stock, Upgraded to Ca (hyb) from C (hyb)

..Outlook Action:

No Outlook Assigned

Issuer: Emporiki Group Finance Plc

..Upgrades:

....Backed Senior Unsecured Regular Bond/Debenture, Upgraded to Caa1 from Caa2, Outlook Changed To Stable From Positive

..Outlook Action:

No Outlook Assigned

Issuer: Attica Bank S.A.

..Upgrades:

.... Long-term Counterparty Risk Assessment, Upgraded to B3(cr) from Caa1(cr)

.... Long-term Counterparty Risk Rating, Upgraded to Caa1 from Caa2

..Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed caa3

.... Baseline Credit Assessment, Affirmed caa3

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Short-term Counterparty Risk Rating, Affirmed NP

.... Long-term Bank Deposits, Affirmed Caa3, Outlook Changed To Positive From Stable

.... Short-term Bank Deposits, Affirmed NP

..Outlook Action:

....Outlook Changed To Positive From Stable

Issuer: Eurobank Ergasias S.A.

..Upgrades:

.... Adjusted Baseline Credit Assessment, Upgraded to caa1 from caa2

.... Baseline Credit Assessment, Upgraded to caa1 from caa2

.... Long-term Counterparty Risk Assessment, Upgraded to B2(cr) from B3(cr)

.... Long-term Counterparty Risk Rating, Upgraded to B2 from Caa1

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)Caa1 from (P)Caa2

....Backed Senior Unsecured Medium-Term Note Program, Upgraded to (P)B1 from (P)B3

....Subordinate Medium-Term Note Program, Upgraded to (P)Caa2 from (P)Caa3

.... Long-term Bank Deposits, Upgraded to Caa1 from Caa2, Outlook Changed To Stable From Positive

..Affirmations:

.... Short-term Counterparty Risk Assessment , Affirmed NP(cr)

.... Short-term Counterparty Risk Rating, Affirmed NP

....Backed Other Short Term, Affirmed (P)NP

.... Other Short Term, Affirmed (P)NP

.... Short-term Deposit Rating, Affirmed NP

..Outlook Action:

....Outlook Changed To Stable From Positive

Issuer: ERB Hellas (Cayman Islands) Limited

..Upgrades:

.... Backed Senior Unsecured Medium-Term Note Program, Upgraded to (P)Caa1 from (P)Caa2

.... Backed Subordinate Medium-Term Note Program, Upgraded to (P)Caa2 from (P)Caa3

..Affirmations:

.... Backed Other Short Term, Affirmed (P)NP

..Outlook Action:

No Outlook Assigned

Issuer: ERB Hellas Funding Limited

..Upgrades:

.... Backed Pref. Stock Non-cumulative Preferred Stock, Upgraded to Ca (hyb) from C (hyb)

..Outlook Action:

No Outlook Assigned

Issuer: ERB Hellas PLC

..Upgrades:

.... Backed Senior Unsecured Medium-Term Note Program, Upgraded to (P)Caa1 from (P)Caa2

.... Backed Subordinate Medium-Term Note Program, Upgraded to (P)Caa2 from (P)Caa3

.... Backed Senior Unsecured Regular Bond/Debenture, Upgraded to Caa1 from Caa2, Outlook Changed to Stable From Positive

.... Backed Subordinate Regular Bond/Debenture, Upgraded to Caa2 from Caa3

..Affirmations:

.... Backed Commercial Paper, Affirmed NP

.... Backed Other Short Term, Affirmed (P)NP

..Outlook Action:

No Outlook Assigned

Issuer: National Bank of Greece S.A.

..Upgrades:

.... Adjusted Baseline Credit Assessment, Upgraded to caa1 from caa2

.... Baseline Credit Assessment, Upgraded to caa1 from caa2

.... Long-term Counterparty Risk Assessment, Upgraded to B2(cr) from B3(cr)

.... Long-term Counterparty Risk Rating, Upgraded to B2 from Caa1

.... Backed Senior Unsecured Medium-Term Note Program, Upgraded to (P)B1 from (P)B3

.... Long-term Bank Deposits, Upgraded to Caa1 from Caa2, Outlook Changed To Stable From Positive

..Affirmations:

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Short-term Counterparty Risk Rating, Affirmed NP

....Backed Other Short Term, Affirmed (P)NP

.... Short-term Deposit Rating, Affirmed NP

..Outlook Action:

....Outlook Changed To Stable From Positive

Issuer: NBG Finance plc

..Upgrades:

.... Backed Senior Unsecured Medium-Term Note Program, Upgraded to (P)Caa1 from (P)Caa2

.... Backed Subordinate Medium-Term Note Program, Upgraded to (P)Caa2 from (P)Caa3

..Outlook Action:

No Outlook Assigned

Issuer: Pancretan Cooperative Bank Ltd

..Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed caa3

.... Baseline Credit Assessment, Affirmed caa3

.... Long-term Counterparty Risk Assessment, Affirmed B3(cr)

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Long-term Counterparty Risk Rating, Affirmed B3

.... Short-term Counterparty Risk Rating, Affirmed NP

.... Long-term Bank Deposits, Affirmed Caa2, Outlook Changed To Positive From Stable

.... Short-term Bank Deposits, Affirmed NP

..Outlook Action:

....Outlook Changed To Positive From Stable

Issuer: Piraeus Bank S.A.

..Upgrades:

.... Long-term Counterparty Risk Assessment, Upgraded to B2(cr) from B3(cr)

.... Long-term Counterparty Risk Rating, Upgraded to B3 from Caa1

..Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed caa2

.... Baseline Credit Assessment, Affirmed caa2

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Short-term Counterparty Risk Rating, Affirmed NP

.... Senior Unsecured Medium-Term Note Program, Affirmed (P)Caa2

....Subordinate Medium-Term Note Program, Affirmed (P)Caa3

.... Long-term Bank Deposits, Affirmed Caa2, Outlook Changed To Positive From Stable

.... Short-term Bank Deposits, Affirmed NP

..Outlook Action:

....Outlook Changed To Positive From Stable

Issuer: Piraeus Group Finance Plc

..Affirmations:

.... Backed Senior Unsecured Medium-Term Note Program, Affirmed (P)Caa2

.... Backed Subordinate Medium-Term Note Program, Affirmed (P)Caa3

.... Backed Commercial Paper, Affirmed NP

.... Backed Other Short Term, Affirmed (P)NP

..Outlook Action:

No Outlook Assigned

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Nondas Nicolaides
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Sean Marion
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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