S&P downgrades four Greek banks

Standard & Poor’s on Thursday lowered its long-term credit rating of Greece’s four largest banks - National Bank, Eurobank, Alpha Bank and Piraeus Bank- to B+ and raised the its risk assessment for the country’s banking system. The credit rating firm said its decision on Greek banks followed a decision taken on Tuesday to lower the country’s sovereign credit rating to BB- from BB+.

The risk for the Greek banking system was raised by two notches, to the level of Romania, Bulgaria, Lithuania and Hungary. In an announcement, S&P said “it believed that Greece’s financial system faces a greater deterioration in the operating and economic environment ahead and an increased likelihood of a government debt restructuring.

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