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Provider: Reuters Investment Profile
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Provider: Thomson Reuters StreetEvents
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Provider: Thomson Reuters StreetEvents
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Standard & Poor's Ratings Services Affirms Piraeus Bank SA's CCC/C Ratings


Thursday, 4 Apr 2013 08:00pm EDT 

SeeNews - The Corporate Wire reported that Standard & Poor's Ratings Services (SP) has affirmed its CCC/C long- and short-term counter party credit ratings on Piraeus Bank SA, which operates across Southeast Europe. The outlook is negative. The affirmation follows Piraeus Bank SA's announcement that it is absorbing EUR 19.2 billion (USD 24.8 billion) in assets and EUR 15 billion in customer deposits in Greece from three Cypriot banks, Bank of Cyprus, Hellenic Bank Public Company Ltd., and Cyprus Popular Bank Ltd. The affirmation reflects SP’s opinion that, at the current rating level, the transaction will likely have only a limited impact on the SP’s assessment of Piraeus Bank SA's fragile financial profile. This is because the terms of the transaction partially mitigate the potential risk arising from the acquisition. The negative outlook is based on the possibility that SP might lower the ratings if SP believed Piraeus Bank SA could default on its obligations, according to SP criteria. 

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1.43
-0.05 -3.38%
10:19am EDT