Fitch revises outlook for Greek systemic banks to ‘positive’ from ‘stable’

All issuer and debt ratings were affirmed: National Bank and Eurobank 'BB' with positive outlook, while Alpha Bank, Alpha Services and Holdings, and Piraeus Bank at 'BB-' with positive outlook.

Fitch Ratings revised the outlook on Greece’s four systemic banks – Alpha Bank, Eurobank, National Bank, and Piraeus Bank – to positive from stable on Thursday, following the investment grade it gave Greek bonds on December 1.

All issuer and debt ratings were affirmed: National Bank and Eurobank ‘BB’ with positive outlook, while Alpha Bank, Alpha Services and Holdings, and Piraeus Bank at ‘BB-‘ with positive outlook.

In its report, the credit rating agency said, “The outlook revision reflects Fitch’s view that Greece’s attainment of an investment-grade rating will be beneficial to Greek banks’ operating environment (OE) by improving the country’s business sentiment, ultimately helping the banks to grow business volumes without compromising their risk profiles. Combined with sustained improved economic confidence and strong investment performance, this will likely lead to an upgrade of our OE assessment within the rating horizon.”