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Fitch upgrades 4 Greek banks

Fitch Ratings on Oct. 8 upgraded the long-term issuer default ratings of Alpha Bank AE and National Bank of Greece SA to CCC+ from RD and those of Eurobank Ergasias SA and Piraeus Bank SA to CCC from RD.

The Greek banks' short-term issuer default ratings were upgraded to C from RD.

The upgrades follow the Oct. 1 lifting of limits on bank deposit withdrawals and legal restrictions on the free movement of capital within Greece. Fitch believes Greek banks are now in a better position to service all their obligations even though some restrictions on cross-border outward capital flows are still in place.