Moody’s just dropped ratings on nine Greek banks (note: we originally reported that 11 banks were downgraded)
Moody’s Investors Service has today downgraded the bank financial strength ratings (BFSRs) as well as the deposit and debt ratings of nine Greek banks to reflect their weakening stand-alone financial strength and the anticipated additional pressures stemming from the country’s challenged economic prospects. The banks’ deposit and debt ratings remain on review for possible downgrade and will be concluded at the same time as Moody’s ongoing review of the country’s sovereign rating, which serves as a reference point with which to impute bank rating uplift as a result of possible systemic support.
The banks affected by today’s rating action are: National Bank of Greece, EFG Eurobank Ergasias SA, Alpha Bank AE, Piraeus Bank, Emporiki Bank of Greece, Agricultural Bank of Greece, General Bank of Greece, Marfin Egnatia Bank and Attica Bank.
The country’s A3 sovereign bond is still under review, but you can guess where that’s going. S&P made the downgrade on Tuesday.
Check out: Who’s Getting Smashed In A Greek Collapse >
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