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Piraeus Holdings’ Subordinated Debt Upgraded to Ba1
August 1, 2025
Piraeus Financial Holdings’ long-term subordinated debt has been upgraded to Ba1 from Ba2 by Moody’s. The upgrade is driven by Moody’s expectation of lower losses in case of failure for subordinated creditors. Moody’s forecasts that Piraeus will maintain a substantial buffer of bail-in-able debt well above the minimum requirement for own funds and eligible liabilities (MREL). Its MREL stood at 30.4% as of June 2025, much ahead of its 27.5% target. Moody’s forward looking Advanced Loss Given Failure (LGF) analysis indicates that increased loss-absorbing capacity from junior instruments reduces risk to Tier 2 noteholders. This puts Piraeus Holdings’ subordinated rating at the same level as Piraeus Bank’s. Moody’s also believes that Piraeus Holdings has an intention of a reverse merger with Piraeus Bank before end-2025.
Piraeus Holdings’ EUR 7.25% 2034s are trading stable at 110.35, yielding 3.98%.
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