Moody's upgrades Greek banks

Moody's Investors Service said it upgraded National Bank of Greece SA’s senior unsecured rating and subordinated bond rating to B1 and B2 from B3 and Caa1, respectively; Eurobank SA’s senior unsecured bond rating to B1 from B3; Alpha Bank SA’s senior unsecured bond rating to B2 from B3; Piraeus Bank SA’s senior unsecured bond rating to B3 from Caa1 and Alpha Services and Holdings SA’s subordinate regular bond rating to B3 from Caa1.

The agency cited the stronger institutional and governance conditions and the improved asset quality and profitability for the upgrades.

The outlook is positive.

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