Piraeus Bank upgraded to investment grade by Fitch

Piraeus Bank has been upgraded to the investment-grade rating of ‘BBB-‘ by Fitch Ratings, marking a significant development as the bank is now assessed at investment grade by three of the four largest credit rating agencies.

In its press release, Fitch highlighted several key factors for the upgrade, including Piraeus’s strong position in Greece, its sustainable long-term business model, stable profitability, successful cleanup and restructuring, and increased digitalisation.

Fitch also stated that the anticipated acquisition of Ethniki Insurance is expected to significantly strengthen Piraeus’s activities and further improve the diversification of its revenue sources.

Beyond the main issuer rating, Fitch also upgraded Piraeus’s senior preferred debt rating by one notch to ‘BBB-‘ from ‘BB’.

Furthermore, the agency upgraded the company’s Tier 2 subordinated debt rating to ‘BB’ from ‘BB-‘. This comprehensive upgrade reflects the overall improved financial health and outlook for the bank.