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Fitch places Greek banks on Rating Watch Evolving

Fitch Ratings on Dec. 14 placed on Rating Watch Evolving the "ccc" viability ratings of National Bank of Greece SA, Alpha Bank AE, Piraeus Bank SA and Eurobank Ergasias SA.

The move follows the agency's decision to introduce "+" and "-" modifiers in the CCC/ccc range for long-term issuer default, international debt and deposit ratings, derivative counterparty ratings and viability ratings. As such, the Rating Watch Evolving status represents the potential for the four banks' ratings to be upgraded, downgraded or affirmed, depending on Fitch's evaluation of their risk profiles.

The C long-term senior unsecured debt ratings of Alpha Bank, Pireaus Bank and Eurobank were placed on Rating Watch Positive. Also placed on Rating Watch Positive were the C/RR6 long-term senior unsecured debt ratings of NBG Finance Plc, Alpha Credit Group Plc, ERB Hellas Plc, ERB Hellas (Cayman Islands) Ltd. and Piraeus Group Finance Plc, which are funding vehicles of the quarter.