A potential Grexit probably wouldn’t be a major deal for foreign banks, ratings agency Standard & Poor’s said on Tuesday, adding that it doesn’t plan to downgrade their ratings. “Given the relatively limited scale of banks’ exposures to Greece, we do not currently expect that a Grexit would, in and of itself, lead to ratings changes for foreign banks, or that exposed foreign banks would require additional capital support,” the ratings agency wrote in a note titled “This Time, Foreign Banks Have Less To Fear About A Grexit.” “We consider the direct impact on foreign banks from a Grexit or from continuing uncertainty about it as limited because they have relatively limited direct exposure to Greek banks or to Greece’s public and private sector, having significantly reduced their lending since the restructuring of Greek government debt in 2012,” the ratings agency said. (Source: wbponline)
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