ECONOMY

Fitch affirms ratings of Alpha and Eurobank

LONDON/NEW YORK – Fitch Ratings, the international ratings agency, yesterday changed the EFG Eurobank Ergasias’ ratings outlook to positive from stable. At the same time the agency affirmed the bank’s ratings at Long-term «A-» (A minus), Short-term «F2,» Individual ‘B/C’ and Support «2.» Fitch said the change in outlook reflects Eurobank’s strengthening position, better profitability and cost efficiency, and improvements to its credit risk management. The agency also affirmed Alpha Bank’s ratings at Long-term «A-» (A minus), Short-term «F2,» Individual «B/C» and Support «2,» with a stable outlook. It said the long-term, short-term and individual ratings reflect Alpha’s solid position within the Greek banking system, improved profitability and cost efficiency, sound liquidity and respectable capital adequacy.