(Telestock) – S&P Global Ratings has Ratings on eight Greek banks improvedon the greater resilience of institutions to economic cycles and on the improvement of the financing profile.
“The process of active balance sheet repair of the Greek banking system is coming to an end as the Greek banking system reaches full post-crisis recovery and starts to benefit from the positive economic momentum in Greece – reads a note – Improved market sentiment has also eased concerns about banks’ funding profiles, as Greek banks have maintained low funding costs thanks to a granular and stable deposit base and access to cheaper funding from external debt markets”.
Furthermore, “Greek banks have individually made significant progress towards the improving profit generation and the resilience of the business model”, is highlighted.
In particular, the rating agency has upgraded the rating on Alpha Bank and its holding company Alpha Services and Holdings, Eurobank and its holding company Eurobank Holdings, National Bank of Greece, Piraeus Bank and its holding company Piraeus Financial Holdings, and maintained the outlook on these banks at “positive”. It also raised the rating on Aegean Baltic Bankgiving it a stable outlook.