Moody's Lowers Ratings of Greek Banks Operating in Bulgaria

Moody's Investor Service has downgraded Greek banks after reducing Greece's credit rating. File photo

International agency Moody’s has lowered the credit ratings of the five Greek banks that have operations in Bulgaria.

The rating of the National Bank of Greece, which owns the United Bulgarian Bank (UBB), has been lowered from Baa2 to Ba1. Eurobank EFG, which runs the Bulgarian PostBank, saw its credit rating reduced from Baa3 to Ba1.

Emporiki Bank, which is part of the French financial group Credit Agricole, and operates in Bulgaria as Emporiki Bank, got its rating reduced from Baa2 to Baa3. The credit rating of Alpha Bank was lowered from Baa3 to Ba1.

Thus, the rating of the National Bank of Greece, Eurobank EFG, and Alpha Bank have fallen below investment grade. 

The rating of the fifth Greek bank operating in Bulgaria was, Piraeus Bank, was confirmed at Ba1.

The reduction of the credit ratings of the Greek banks is a standard procedure resulting from the lowering of the credit rating of Greece from A3 down to Ba1, which Moody’s announced on Monday.

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