Fitch Ratings has revised yesterday the long-term issuer default ratings of Banca Romaneasca and Bancpost, a day after lowering ratings of their parent banks, National Bank of Greece and EFG Eurobank.
Fitch reaffirmed the two banks’ short-term issuer default ratings at “F3”.
The rating actions affecting the banks' subsidiaries reflects the agency's view that while the banks' propensity to support their international banking subsidiaries remains unchanged, their ability to do so has been reduced, as reflected in the downgrades of their long-term issuer default ratings”, according to the press release.
Tuesday, Fitch lowered the ratings of National Bank of Greece (NBG), Alpha Bank, EFG Eurobank and Piraeus Bank due to anticipated fiscal adjustments in Greece will affect to a even larger extent the profitability and asset quality.
“In particular, Fitch believes the required fiscal tightening that needs to be made by the Greek government will have a significant effect on the real economy, affecting loan demand and putting additional pressure on asset quality. The latter could result in higher credit costs, ultimately weakening underlying profitability”, Fitch said in its report.
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