Fitch affirmed Greek banks´ issuer default rating

Tuesday, June 20th, 2017
Last Update: 10:59

 Fitch affirmed the four systemic Greek banks΄ long-term issuer default ratings (IDRs) at restricted default (RD), while it upgraded the four banks΄ viability ratings (VRs) to ΄CCC΄ from ΄F΄.

According to the agency, the upgrade of the banks΄ VRs mainly reflects the banks΄ improved, albeit still weak, liquidity.

It also reflects their expectation that successful completion of the second bailout review will reduce political risks, improve confidence and facilitate stronger deposit growth in 2H’17e.

The banks΄ IDRs of ΄RD΄ reflect Fitch΄s view that the Greek banks are defaulting on a material part of their senior obligations given that capital controls, through restrictions on deposit withdrawals, are still in place in Greece.

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