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Article: GREECE: MOODY'S TAKES SEVERAL RATING ACTIONS ON MARFIN EGNATIA BANK.
- Article from:
- IPR Strategic Business Information Database
- Article date:
- September 24, 2009
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Moody's Investors Service has today downgraded the bank financial strength rating (BFSR) of Marfin Egnatia Bank SA of Greece ("Marfin Egnatia") to D, with a stable outlook, from D+. The outlook on the bank's Baa1/P-2 deposit, and Baa1/Baa2 senior and subordinated debt ratings was changed to positive, from stable. Relatedly, Moody's has also affirmed the ratings of Marfin Popular Bank Public Company Ltd ("MPB") (Marfin Egnatia's Cyprus-based parent) at C-/A3/P-1 with stable outlook. Today's rating actions by Moody's were prompted by two factors: (i) the BFSR was downgraded to reflect the challenging operating/macroeconomic conditions in Greece and their impact on ...