Fitch downgrades Bancpost and Banca Romaneasca

Fitch Ratings has downgraded the credit ratings of two banks in Romania, Bancpost and Banca Romaneasca, from ‘BBB’ to ‘BB+’ with negative outlook, following earlier rating actions taken on their parent banks, EFG Eurobank and National Bank of Greece respectively.
Greece’s large banks, including National Bank of Greece and Eurobank are facing growing risks due to their poor funding profile and cash flow, which reflects over their subsidiaries in Romania.

Fitch Ratings has downgraded the long-term credit ratings of Banca Romaneasca and Bancpost from ‘BBB-‘ to ‘BB+’, and placed them on rating watch negative. Fitch says the rating actions affecting the banks' subsidiaries reflect 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 credit ratings which follow the downgrade of the sovereign.

Banca Romaneasca and Bancpost have an aggregate market share of 7% in Romania.

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