Fitch upgrades credit rating of three major Greek banks


Fitch raised the credit rating of three major Greek banks - Eurobank, National Bank of Greece and Alpha Bank - on Monday after upgrading the credit rating of Greece's economy to one notch below investment grade last Friday.

The credit rating agency upgraded Eurobank and National Bank of Greece to "BB-" from "B+", and Alpha Bank to "B+" from "B".

Fitch reported that its decision is justified by the banks' improved capital position, their profitability, and the expected resilience of the country' economy in 2023.

On January 27, Fitch upgraded Greece's rating from 'BB' to 'BB+'.

Meanwhile, addressing an event held in Lamia in his honour, after he was named "Finance Minister of the Year 2023 for Europe" by the FT group's "Banker" magazine, Finance Minister Christos Staikouras stressed that the distinction awarded to him was "not just personal but primarily collective".

"The European distinction for my person reflects the recognition and approval of the international community for the performance and progress of our country.... in the crucial area of the economy," Staikouras said, adding that it was also a harbinger of "yet more successes for our country, even greater conquests for our people, even better prospects for our children..."

He noted that this "a reward for the sacrifices of the Greek people but also a confirmation of the government's hard work...and an incessant effort that began in July 2019 and is ongoing."

Staikouras said that Greece could be proud of what it has achieved and optimistic about what was coming, since its prospects were realistically good, but could not afford to become complacent "as we still have a lot of work ahead of us".

"We will do this [work], all together, in a climate of national responsibility and seriousness, with the greatest possible political consensus and understanding, further forging social cohesion," he added.

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