BUSINESS

After upgrading Greece's credit rating, Fitch boosts banks

Fitch Ratings on Friday upgraded several Greek Banks following a decision earlier this week to raise the country's credit rating by one grade, to B- from CCC, citing the government’s progress in rebalancing the economy and bringing its deficits under control.

The agency upgraded the long-term issuer default rating (IDR) of National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank to B- from CCC, the short-term IDR to B from while viability ratings were boosted to B- from F.

The ratings come as the recapitalization of the Greek lenders is in progress.

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