Analyst Research

Report Title Price
Provider: Reuters Investment Profile
Provider: Thomson Reuters StreetEvents
Provider: Thomson Reuters StreetEvents

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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. 

Company Quote

-0.05 -3.38%
10:19am EDT