ECONOMY

Aspis Bank downgraded as competition heats up

Ratings agency Fitch downgraded Aspis Bank’s long-term issuer default rating (IDR) to B+ from BB+ and individual rating to D/E from C/D, citing a more competitive domestic banking environment. «The ratings moves reflect Fitch’s belief that, given the bank’s small size, weak cost efficiency and funding profile, it will be challenging for Aspis to readjust its business model to a more competitive domestic banking environment,» the agency said in a statement. With a market value of 73 million euros, Aspis is one of Greece’s smaller banks. Its shares have fallen about 63 percent over the last year.