- National Bank of Greece SA, NBG Finance plc, and National Bank of Greece Funding Limited

 

- BFSR downgraded to D- from D+, mapping into a BCA of Ba3

- Long-term deposit ratings and senior unsecured debt ratings downgraded to Ba3 from Ba1

- Subordinated debt ratings downgraded to B1 from Ba2

- Backed (government-guaranteed) senior unsecured ratings downgraded to Ba3 from Ba1

- Preferred stock (Hybrid Tier 1) downgraded to B3 (hyb) from B1 (hyb)

All the above ratings carry a negative outlook

- EFG Eurobank Ergasias SA, EFG Hellas plc, EFG Hellas (Cayman Islands) Limited, and EFG Hellas Funding Limited:

- BFSR downgraded to E+ from D, mapping into a BCA of B1

- Long-term deposit ratings and senior unsecured debt ratings downgraded to Ba3 from Ba1

- Subordinated debt ratings downgraded to B1 from Ba2

- Backed (government-guaranteed) senior unsecured MTN downgraded to Ba3 from Ba1

- Preferred stock (Hybrid Tier 1) downgraded to Caa1 (hyb) from B2 (hyb)

Deposit, debt and preferred stock ratings carry a negative outlook; BFSR carries a stable outlook

Alpha Bank AE, Alpha Credit Group plc and Alpha Group Jersey Limited:

- BFSR downgraded to D- from D, mapping into a BCA of Ba3

- Long-term deposit and senior unsecured debt ratings downgraded to Ba3 from Ba1

- Backed (government-guaranteed) senior unsecured ratings downgraded to Ba3 from Ba1

- Subordinated debt ratings downgraded to B1 from Ba2

- Preferred stock (Hybrid Tier 1) downgraded to B3 (hyb) from B2 (hyb)

All the above ratings carry a negative outlook

Piraeus Bank SA, Piraeus Group Finance plc, and Piraeus Group Capital Limited:

- BFSR affirmed at E+, mapping into a BCA of B1

- Long-term deposit and senior unsecured debt ratings downgraded to Ba3 from Ba1

- Backed (government-guaranteed) senior unsecured ratings downgraded to Ba3 from Ba1

- Subordinated debt ratings downgraded to B1 from Ba2

- Preferred stock (Hybrid Tier 1) affirmed at Caa1 (hyb)

Deposit, debt and preferred stock ratings carry a negative outlook; BFSR carries a stable outlook

Agricultural Bank of Greece SA and ABG Finance International plc:

- BFSR affirmed at E+, mapping into a BCA of B2

- Long-term deposit and senior unsecured debt ratings downgraded to B1 from Ba2

- Subordinated debt ratings downgraded to B2 from Ba3

Deposit and debt ratings carry a negative outlook; BFSR carries a stable outlook

Attica Bank SA and Attica Funds plc:

- BFSR affirmed at E+, mapping into a BCA of B1

- Long-term deposit ratings downgraded to B1 from Ba2

- Subordinated debt ratings downgraded to B2 from Ba3

Deposit and debt ratings carry a negative outlook; BFSR carries a stable outlook

Emporiki Bank of Greece SA and Emporiki Group Finance plc:

- BFSR affirmed at E+, mapping into a BCA of B1

- Deposit and senior debt ratings affirmed at Baa3/Prime-3

- Subordinated debt ratings affirmed at Ba1

All ratings carry a stable outlook

General Bank of Greece SA:

- BFSR affirmed at E+, mapping into a BCA of B1

- Deposit ratings affirmed at Baa3/Prime-3

All ratings carry a stable outlook

The previous rating actions on NBG, Eurobank, Alpha, Piraeus, ATE, and Attica Bank were implemented on 17 December 2010, when the ratings were placed on review for possible downgrade. The previous rating actions on Emporiki Bank of Greece SA and General Bank of Greece SA were implemented on 15 June 2010, when their deposit and debt ratings were downgraded.

All banks affected by today's (Wednesday's) review are headquartered in Athens, Greece:

- National Bank of Greece SA reported total assets of EUR123.5 billion as of September 2010

- EFG Eurobank Ergasias SA reported total assets of EUR87.2 billion as of December 2010

- Alpha Bank SA reported total assets of EUR67.7 billion as of September 2010

- Piraeus Bank SA reported total assets of EUR57.6 billion as of September 2010

- Agricultural Bank of Greece SA reported total assets of EUR31.9 billion as of September 2010

- Emporiki Bank of Greece SA reported total assets of EUR26.8 billion as of December 2010

- Attica Bank SA reported total assets of EUR4.8 billion as of September 2010

- General Bank of Greece SA reported total assets of EUR4.6 billion as of September 2010