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S&P assigns CCC- to Piraeus Financial capital securities
S&P said it assigned its CCC- issue rating to a proposed issuance of noncumulative subordinated additional tier 1 capital securities by Piraeus Financial Holdings SA (B-/stable/B).
“The rating primarily reflects the higher default risk we see in this AT1 instrument than we already factor into our B- issuer credit rating,” S&P said in a news release.
“Contrary to Piraeus Financial Holdings SA's subordinated and senior instruments, we could envisage a scenario where the holding would skip coupon payment on the AT1 without being in a distressed situation.”
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