Fitch Ratings, the international rating agency, has upgraded Piraeus Bank's Long-term rating to 'BBB+' (with Stable Outlook) from 'BBB' and its Short-term rating to 'F2' from 'F3'. At the same time, Fitch has affirmed the bank's Individual and Support ratings at 'C' and '3' respectively.
The rating action reflects Piraeus Bank's strengthened position within the Greek banking market, its improving profitability, its sound capital adequacy and the broader prospects derived from the successful absorption of ETBAbank.