Fitch upgrades Greek banks’ bond programs

Fitch Ratings has upgraded the mortgage-covered bond programs of four Greek banks.

The banks are National Bank of Greece, Alpha Bank, Eurobank Ergasias and Piraeus Bank to B-/Stable/B with a b- viability rating (VR.

The outlook is stable, reflecting that on the respective banks’ Issuer Default Ratings (IDR).

The rating actions follow the enactment of the Bank Recovery and Resolution Directive (BRRD), which was published on June 12 in the Official Journal of European Union.

They also reflect revised assumptions for assessing the credit risk of Greek residential mortgage loans pools and the revision of the rating cap for structured finance transactions in Greece to ‘BB’ from ‘B’. [Reuters]