National Bank of Greece ADR (fka NBGGY)

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Fitch Upgrades Eurobank's and National Bank of Greece's State-Guaranteed Debt to 'B-'

September 06, 2017 06:20 ET (10:20 GMT)

Press Release: Fitch Upgrades Eurobank's and National Bank of Greece's State-Guaranteed Debt to 'B-'

The following is a press release from Fitch Ratings:

Fitch Ratings-London-06 September 2017: Fitch Ratings has upgraded the Long-Term ratings on Eurobank Ergasias S.A.'s (Eurobank) and National Bank of Greece S.A.'s (NBG) government-guaranteed debt programmes to 'B-' from 'CCC'. Fitch has also upgraded the Short-Term rating on Eurobank's government-guaranteed debt programme to 'B' from 'C'.

This rating action follows the upgrade of Greece's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' and Short-Term Foreign-Currency IDR to 'B' on 18 August 2017.

KEY RATING DRIVERS

- Eurobank's and NBG's government-guaranteed debt are senior unsecured instruments that are unconditionally and irrevocably guaranteed by the Greek State under the Greek Law 3723/2008 "for the enhancement of liquidity of the economy in response to the impact of the international financial crisis". The ratings reflect Fitch's expectation that Greece will honour the guarantees provided to the noteholders. We believe that these guaranteed programmes and issues will be treated equally with other senior obligations of the Greek State.

RATING SENSITIVITIES

- The ratings of Eurobank's and NBG's state-guaranteed debt are sensitive to Greece's sovereign ratings.

Contact:

Primary Analyst

- Konstantin Yakimovich

- Director

- [phone]