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
