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Moody’s downgrades 8 Greek banks

Moody’s downgrades 8 Greek banks

23 September 2011 12:43 (UTC +04:00)

Baku - APA-Economics. Moody’s ratings agency downgraded eight Greek banks by two notches Friday due to their exposure to Greek government bonds and the deteriorating economic situation in the country, whose government has struggled to meet the terms of an international bailout.

Moody’s Investors Service downgraded National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of Greece and Attica Bank to CAA2 from B3. It also downgraded Emporiki Bank of Greece â€” which is majority owned by French bank Credit Agricole â€” and General Bank of Greece â€” majority owned by another French bank, Societe Generale â€” to B3 from B1.

The agency said the outlook for all the banks’ long-term deposit and debt ratings was negative.

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