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Fitch Ratings upgrades mortgage-covered bond programmes of three Greek banks

Fitch Ratings upgrades mortgage-covered bond programmes of three Greek banks
Fitch Ratings on Wednesday announced an upgrade of four Greek mortgage-covered bonds programmes issued by Alpha Bank, National Bank of Greece and Piraeus Bank to ‘B’ from ‘B-‘, as follows:

– Alpha’s covered bonds upgraded to ‘B’ from ‘B-‘; Stable Outlook

– NBG’s covered bonds Programme I (NBG I) upgraded to ‘B’ from ‘B-‘; Outlook Positive

– NBG’s covered bonds Programme II (NBG II) upgraded to ‘B’ from ‘B-‘; Outlook Positive

– Piraeus’s covered bonds upgraded to ‘B’ from ‘B-‘; Outlook Stable

Fitch said the rating actions follow the upgrade of Greece Long-Term Issuer Default Rating (IDR) to ‘B-‘/Positive from ‘CCC’ and the revision of its Country Ceiling to ‘B’ from ‘B-‘ on August 18./IBNA

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