DBRS Ratings GmbH (Morningstar DBRS) upgraded the credit ratings of Piraeus Bank S.A., including the Long-Term Issuer Rating to BB (high) from BB. Concurrently, Morningstar DBRS upgraded the credit rating on the Bank’s Long-Term Deposits to BBB (low), which is one notch above the Intrinsic Assessment (IA), reflecting the legal framework in place in Greece, which has full depositor preference in bank insolvency and resolution proceedings.

The trend on all credit ratings was changed to Positive from Stable. The Bank’s IA has been upgraded to BB (high) from BB and its Support Assessment remains SA3. See the full list of credit ratings at the end of this press release.

Source: The National Herald