Moody’s Investor Service has upgraded the National Bank of Greece’s (NBG) long-term deposit ratings from “A3” to “A2” and its financial strength from “C-” to “C.” “The upgrade reflects the major improvements in the bank’s broad franchise, both domestically and overseas, and the overall strengthening of its financial fundamentals,” said Moody’s. The agency noted NBG’s significant investment and improvements in operating infrastructure and risk management systems, which allow it to leverage its huge existing retail customer base. NBG accounts for one-third of total banking assets in Greece.
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