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Moody’s sees prospects for local banks to improve

Moody’s upgraded Greece’s five biggest banks on Friday in the wake of the country’s credit upgrading by two notches to Caa3 a week earlier.

The international agency raised the credit rating of Piraeus, National and Alpha from Caa2 to Caa1, and their outlook from “negative” to “stable.” The outlook has also improved for Eurobank and Attica Bank.

It said that the upgrading of the country’s three main private banks reflects the reinstatement of their capital base after their recapitalization, the reduction in the rate of creation of new non-performing loans and the expectation by Moody’s for NPLs to peak in mid-2014 or early 2015, the improvement in the credit profile of the banks and their funding and cash flow, although it added that their dependence on central bank funding will continue for some time.

Greek banks could get another upgrade if deposits return, if there is an improvement in asset quality through the reduction of bad loans and if capital cushions are maintained above the legal requirements, allowing for the absorption of any losses from loans.

ekathimerini.com , Sunday December 8, 2013 (21:53)  
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