Fitch proceeded on Wednesday afternoon with a one-notch upgrade of the creditworthiness of Eurobank and National Bank to BBB from BBB-, assigning a stable outlook to the ratings.
At the same time, it maintained the BBB- rating for Piraeus Bank, upgrading the outlook to positive from stable.
National Bank
Fitch Ratings attributes the upgrade of NBG mainly to the improvement in the operating environment in Greece, which it now assesses at “bbb” from “bbb-”. The agency notes that the resilient growth of the Greek economy, the decline in unemployment and the increased demand for business and retail loans create favorable prospects for Greek banks.
For National Bank, Fitch underlines its strong position in the domestic market, the high quality of its portfolio, with a non-performing exposures ratio of just 2.5% at the end of March, as well as its strong capital adequacy, with a CET1 ratio at 17.4%, the highest among the Greek systemic banks.
At the same time, it forecasts that profitability will remain strong in the coming years, supported by the increase in lending, fee income and the stable deposit base.
Eurobank
In Eurobank’s case as well, the agency attributes the upgrade to the improvement in the operating environment in Greece, as strong economic growth, lower unemployment and increased demand for business and housing loans create more favorable prospects for the sector.
Fitch also notes Eurobank’s strong position in the Greek market and the geographic diversification of its activities in Bulgaria and Cyprus. At the same time, it speaks of healthy profitability, an adequate capital base and improved asset quality, with the non-performing exposures ratio having declined to 2.8% at the end of March 2026.
The agency estimates that operating profitability will be further strengthened in the 2026-2028 period, supported by the increase in lending, the improvement in fee income –also after the acquisition of 80% of Eurolife FFH–, as well as by the stable deposit base and the bank’s comfortable access to the markets.
Piraeus Bank
The agency proceeded to revise the bank’s outlook to positive from stable, while at the same time maintaining the long-term credit rating at BBB-.
The agency estimates that Piraeus will complete the cleanup of the largest part of its old problematic assets during the 2026-2027 period, while at the same time maintaining strong profitability and a CET1 capital ratio of at least 13%.
The positive outlook is also supported by the strengthening of the bank’s business profile following the acquisition of Ethniki Asfalistiki, which is expected to significantly expand bancassurance activities and enhance revenue diversification.
Fitch also notes that Piraeus benefits from the improvement in the economic environment in Greece, the strong demand for business loans and the increased opportunities for generating fee income. At the same time, the non-performing exposures ratio has declined to 2.7% at the end of March 2026, while the agency forecasts a further improvement in asset quality and the maintenance of operating profitability at levels above 3.5% of risk-weighted assets during the 2026-2028 period. The rating is also supported by the stable deposit base and the bank’s uninterrupted access to the markets.