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Bond Market News
Piraeus Upgraded to BB+ by Fitch
April 2, 2025
Piraeus Bank has been upgraded by a notch to BB+ from BB by Fitch. The upgrade reflects improvements in the bank’s credit profile, including lower non-performing exposures (NPEs), higher profitability, stronger capital buffers, and a more favorable operating environment in Greece. The bank’s NPE ratio which excludes retained senior notes from total loans has been reduced significantly to European average levels, supported by securitizations, modest new inflows, write-offs and adequate recoveries. Bank’s profitability has strongly recovered since 2021, driven by materially higher net interest income and structurally lower operating expenses. According to Fitch, the acquisition of Ethniki Insurance will materially strength Piraeus’s bancassurance’s franchise and improve its revenue diversification. Piraeus was recently upgraded by both Moody’s and S&P earlier this year to Ba1 and BB- respectively.
Its bonds traded stable with its 7.25% 2028s up at 108.7, yielding 3.2%.
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