Moody’s Investor Services (MCO) downgraded nine Greek banks due to a weakening in their financial strength and the country’s difficult economic outlook, the international ratings agency said in a statement Friday.
The move affects National Bank of Greece , EFG Eurobank Ergasias, Agricultural Bank of Greece, General Bank of Greece, Marfin Egnatia Bank and Attica Bank.
The banks’ ratings remain on review for further downgrades which will be completed when the agency concludes its ongoing review of Greece’s sovereign ratings, Moody’s said.
On Thursday, the agency confirmed that it is awaiting to see the contents a EU/IMF rescue package and evaluate the country’s ability to implement it before determining on a possible revision of Greece’s government credit rating.
The country’s A3 sovereign bond is still under review, but a downgrade at this point seems unavoidable. S&P made the downgrade on Tuesday.
Leave a Reply