ECONOMY

S&P’s upgrades Emporiki

Standard & Poor’s Ratings Services said yesterday it has raised its long- and short-term counterparty credit ratings on Emporiki Bank to A and A-1 respectively from BBB- and A-3. The outlook is positive. The actions follow the completion of Credit Agricole’s public offer for Emporiki, giving it 71.9 percent of the shares. «The current ratings on Emporiki balance the benefits of membership within a financially stronger banking institution, an attractive position in the Greek market, and sound balance sheet liquidity with the bank’s weak stand-alone financial profile,» said S&P’s. «We do expect the bank’s financials to improve, however.»