How the world sees Greece
International ratings company Fitch has upgraded Greece’s credit rate by one notch, right after the declaration of first privatization project turning over 14 major airports to a German company, following a new credit agreement having been reached with the tripartite committee of Troika consisting of European Union
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Ratings agency Standard and Poor’s upgraded Greece’s credit rating on Tuesday from CCC- to CCC+. Though CCC+ is still a “junk” rating, Standard and Poor’s said that following the agreement reached with international creditors, Greece’s chance of exiting the Eurozone by 2018 are less than 50% and there is a stable outlook for the country. However, the agency cautioned that the
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Chances of Grexit still at one in three
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Greece suffered its fourth ratings downgrade, as Moody's investors service slashed the rating from Caa2 to Caa3, or just above default. The post Moody’s Downgrades Greek Rating appeared first on The National Herald.
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Fitch Ratings downgraded Greek banks to “restricted default” Monday, a day after the Greek government imposed capital controls that include limits on deposit withdrawals and closed Greek banks for a week. Here’s the full release by Fitch Ratings: Fitch Ratings-Barcelona/London-29 June 2015: Fitch Ratings has today downgraded Greece-based National Bank of Greece S.A. (NBG), Piraeus Bank, S.A. (Piraeus), Eurobank Ergasias S.A. (Eurobank) and Alpha Bank AE’s (Alpha) Long- and Short-term Issuer Default Ratings (IDRs) to ‘RD’ from ‘CCC’ and ‘C’, respectively. Fitch has also downgraded these banks’ Viability Ratings (VRs) to ‘f’ from ‘ccc’. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS IDRS AND SENIOR DEBT RATINGS The IDR downgrades follow the announcement by the Greek authorities on 28 June 2015 to impose extended bank holidays and capital controls, mainly including restrictions on deposit withdrawals in Greece, which Fitch views as a restricted default (‘RD’), because the deposit restrictions affect a material part of the banks’ senior obligations. The banks’ senior unsecured long-term debt ratings have been downgraded to ‘C’/’RR6′ from ‘CCC’/’RR4′. The ratings reflect exceptionally high levels of credit risk, because of the imposition of capital controls as well as poor recovery prospects in the event of the default on senior debt obligations, due to very weak asset quality and high levels of preferred liabilities and asset encumbrance. VRS The downgrade of NBG’s, Piraeus’, Eurobank’s and Alpha’s VR to ‘f’ from ‘ccc’ reflects Fitch’s view that these banks have failed and would have defaulted had capital controls not been imposed, given the high rates of ongoing deposit withdrawal and the ECB’s decision on 28 June 2015 not to raise the Bank of Greece’s Emergency Liquidity Assistance (ELA) ceiling. SUPPORT RATING AND SUPPORT RATING FLOOR Greek banks’ Support Rating of ‘5’ and SRF of ‘No Floor’ highlight our view that support from the state cannot be relied upon, mainly given the limited resources at Greece’s disposal. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Greek banks’ subordinated debt and other hybrid capital have been affirmed at ‘C’/’RR6′ and reflect exceptionally high levels of credit risk, including poor recovery prospects. Hybrid capital is currently not performing. RATING SENSITIVITIES IDRS, VRs AND DEBT RATINGS These banks’ IDRs, VRs and senior and subordinated debt ratings are unlikely to be upgraded until capital controls are materially eased. Recovery Ratings are sensitive to the overall approach taken by the authorities to address the banking system’s challenges, including any resolution tools that might be applied and the valuation and availability of free assets. Hybrid ratings would need to become performing again for there to be any possibility of an upgrade. SUPPORT RATING AND SUPPORT RATING FLOOR The banks SRs and SRFs are unlikely to change, given Greece’s limited capacity to support its banks. The rating actions are as follows: NBG: Long-term IDR: downgraded to ‘RD’ from ‘CCC’ Short-term IDR: downgraded to ‘RD’ from ‘C’ VR: downgraded to ‘f’ from ‘ccc’ Support Rating: affirmed at ‘5’ SRF: affirmed at ‘No Floor’ Senior notes: downgraded to ‘C’/’RR6′ from ‘CCC’/’RR4′ Short-term senior notes: affirmed at ‘C’ Hybrid capital: affirmed at ‘C’/’RR6′ NBG Finance plc: Long-term senior unsecured debt rating: downgraded to ‘C’/’RR6′ from ‘CCC’/’RR4′ Short-term senior unsecured debt rating: affirmed at ‘C’ Piraeus Bank: Long-term IDR: downgraded to ‘RD’ from ‘CCC’ Short-term IDR: downgraded to ‘RD’ from ‘C’ VR: downgraded to ‘f’ from ‘ccc’ Support Rating: affirmed at ‘5’ SRF: affirmed at ‘No Floor’ Long-term senior unsecured debt rating: downgraded to ‘C’/’RR6′ from ‘CCC’/’RR4′ Short-term senior unsecured debt rating: affirmed at ‘C’ Commercial paper: affirmed at ‘C’ Piraeus Group Finance PLC: Long-term senior unsecured debt rating: downgraded to ‘C’/’RR6′ from ‘CCC’/’RR4′ Short-term senior unsecured debt rating: affirmed at ‘C’ Alpha Bank: Long-term IDR: downgraded to ‘RD’ from ‘CCC’ Short-term IDR: downgraded to ‘RD’ from ‘C’ VR: downgraded to ‘f’ from ‘ccc’ Support Rating: affirmed at ‘5’ SRF: affirmed at ‘No Floor’ Long-term senior unsecured debt rating: downgraded to ‘C’/’RR6′ from ‘CCC’/’RR4′ Short-term senior unsecured debt rating: affirmed at ‘C’ Commercial paper: affirmed at ‘C’ Market-linked senior notes: downgraded to ‘Cemr’/’RR6′ from ‘CCCemr’/’RR4′ Hybrid capital: affirmed at ‘C’/’RR6′ Alpha Credit Group PLC: Long-term senior unsecured debt rating: downgraded to ‘C’/’RR6′ from ‘CCC’/’RR4′ Short-term senior unsecured debt rating: affirmed at ‘C’ Subordinated notes: affirmed at ‘C’/’RR6′ Eurobank: Long-term IDR: downgraded to ‘RD’ from ‘CCC’ Short-term IDR: downgraded to ‘RD’ from ‘C’ VR: downgraded to ‘f’ from ‘ccc’ Support Rating: affirmed at ‘5’ SRF: affirmed at ‘No Floor’ Senior notes: downgraded to ‘C’/’RR6′ from ‘CCC’/’RR4′ Short-term senior notes: affirmed at ‘C’ Market-linked senior notes: downgraded to ‘Cemr’/’RR6′ from ‘CCCemr’/’RR4′ Commercial paper: affirmed at ‘C’ Subordinated notes: affirmed at ‘C’/’RR6′ Hybrid capital: affirmed at ‘C’/’RR6′ ERB Hellas PLC: Long-term senior unsecured debt rating: downgraded to ‘C’/’RR6′ from ‘CCC’/’RR4′ Short-term senior unsecured debt rating: affirmed at ‘C’ ERB Hellas (Cayman Islands) Ltd.: Long-term senior unsecured debt rating: downgraded to ‘C’/’RR6′ from ‘CCC’/’RR6′ Short-term senior unsecured debt rating: affirmed at ‘C’
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NEW YORK (AP) — Standard & Poor's has downgraded Greece's credit rating one notch further into junk territory, saying it's likely the country will default on its commercial debt within a year if it can't strike a deal with its creditors. The rating agency said Wednesday Greece has shown it is giving higher priority to pensions and other domestic spending than making debt payments on time. It lowered its rating to "CCC" from "CCC+" with a "negative" outlook. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
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NEW YORK (AP) — Standard & Poor's has downgraded Greece's credit rating one notch further into junk territory, saying it's likely the country will default on its commercial debt within a year if it can't strike a deal with its creditors. The rating agency said Wednesday Greece has shown it is giving higher priority to pensions and other domestic spending than making debt payments on time. It lowered its rating to "CCC" from "CCC+" with a "negative" outlook. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
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(The following statement was released by the rating agency) LONDON, May 15 (Fitch) Fitch Ratings has affirmed Greece's Long-term foreign- and ...
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Moody’s Investors Service announced it downgraded 18 notes and affirmed one note in eight Greek structured finance transactions late on Monday.
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Moody's rating agency has downgraded Greece's credit rating further into junk territory over growing uncertainty about the country's ability to make its ...
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Moody's Investors Service has today downgraded Greece's government bond rating to Caa2 from Caa1. The short-term rating is unaffected by this ...
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Moody's rating agency downgraded on Wednesday Greece's government bond rating to Caa2 from Caa1, with a negative outlook.
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Standard & Poor's on Wednesday cut Greece's credit rating from "CCC+" from "B-" with a negative outlook, saying it expected Greece's debt to be ...
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Standard & Poor's on Wednesday cut Greece's credit rating from "CCC+" from "B-" with a negative outlook, saying it expected Greece's debt to be ...
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The deterioration in operating conditions increases the risk to Greek banks' already weak funding and liquidity due to continued deposit outflows, ...
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The deterioration in operating conditions increases the risk to Greek banks' already weak funding and liquidity due to continued deposit outflows, ...
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(The following statement was released by the rating agency) MILAN/LONDON, April 02 (Fitch) Fitch Ratings has affirmed the 'B-' ratings on four Greek ...
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(The following statement was released by the rating agency) MILAN/LONDON, April 02 (Fitch) Fitch Ratings has affirmed the 'B-' ratings on four Greek ...
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Fitch Ratings downgraded four Greek banks' long-term issuer default ratings (IDR) to 'CCC' from 'B-' on Wednesday, following the downgrade of the country's sovereign rating last week.
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International ratings agency Fitch has downgraded Greece’s sovereign rating from B to CCC ahead of the agency's next scheduled review, amid worries that the country is defaulting on its sovereign debt. Fitch also downgraded Greece's short-term foreign ...
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