RPT-Fitch downgrades Greece's four largest banks

Tue Feb 23, 2010 9:57am EST

(Repeats to add ticker symbol to Alpha Bank)

NEW YORK Feb 23 (Reuters) - Fitch Ratings on Tuesday downgraded the ratings of Greece's four largest banks, saying fiscal tightening by the government will weigh on the economy, affecting loan demand and hurting profits.

Fitch downgraded National Bank of Greece (NBGr.AT), Alpha Bank (ACBr.AT), Efg Eurobank Ergasias (Eurobank) (EFGr.AT) and Piraeus Bank (BOPr.AT) by one notch to BBB, the ninth-highest investment-grade rating, from BBB-plus. The outlook is negative, which typically signals the ratings may be downgraded again over the next one to two years. (Reporting by Dena Aubin; Editing by James Dalgleish)

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