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S&P Downgrades Greece’s Banking System; Four Lenders Cut to B+

Standard & Poor’s cut the credit ratings of four Greek banks and put the country’s banking system as a whole into a higher risk category on “heightened economic and industry risks for the Greek financial system.”

National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank SA and Piraeus Bank SA all had their long-term counterparty credit ratings lowered to B+, S&P said in a statement today. The country’s banking industry risk assessment was downgraded two notches to the fourth-lowest, the same level as Romania, Bulgaria, Lithuania and Hungary.