Fitch downgrades rating of five Greek banks

Fitch downgrades rating of five Greek banks

Fitch ratings agency has downgraded five Greek banks, a day after giving the crisis-hit nation the lowest possible grade for a country that is not in default.

National Bank of Greece, Eurobank, Alpha, Piraeus and Agricultural Bank of Greece have been given a CCC rating, down from B-.

Fitch notes that major Greek banks have not yet received capital injections earmarked for them under the country’s latest international bailout.

Yesterday, Fitch downgraded Greece’s sovereign rating to CCC.

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