RPT-Fitch Upgrades 3 Greek Banks' State-Guaranteed Debt to 'B' on Sovereign Upgrade

Fri Jun 20, 2014 6:38am EDT

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June 20 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has upgraded the state-guaranteed long-term senior debt rating of National Bank of Greece (NBG, B-/Stable), Alpha Bank (Alpha, B-/Stable) and Eurobank Ergasias (Eurobank, B-/Stable) to 'B' from 'B-'. A full list of rating actions is at the end of this rating action commentary.

The rating actions follow the upgrade of Greece's sovereign Long-Term foreign currency Issuer Default Rating (IDR) (see 'Fitch Upgrades Greece to 'B', Outlook Stable' dated 23 May 2014 at www.fitchratings.com).

KEY RATING DRIVERS AND SENSITIVITIES - SENIOR DEBT

The government-guaranteed debt issuances are senior unsecured instruments that bear the full guarantee of the Greek state. Consequently, their ratings are the highest of the issuer's Long-term IDR and Greece's Long-term foreign currency IDR. Greek banks' government-guaranteed debt ratings are sensitive to any changes to Greece's sovereign ratings.

The rating actions are as follows:

NBG:

State-guaranteed debt (XS0945998499 and XS0920832846): upgraded to 'B' from 'B-'

Alpha:

State-guaranteed debt (XS1030829359): upgraded to 'B' from 'B-'

Long-term guaranteed bond programme: upgraded to 'B' from 'B-'

Short-term guaranteed bond programme: affirmed at 'B'

Eurobank:

State-guaranteed debt (XS0922876882): upgraded to 'B' from 'B-'

Long-term guaranteed bond programme: upgraded to 'B' from 'B-'

Short-term guaranteed bond programme: affirmed at 'B'

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