Moody's upgraded the credit ratings of Alpha Bank and Piraeus Bank on Tuesday, following the upgrade of the Greek government's credit rating to investment grade Baa3 from Ba1 on Friday.

Moody's upgraded on Tuesday the long- and short-term deposit ratings of Alpha Bank to Baa2/P-2 from Baa3/P-3, its long-term senior unsecured rating to Baa2 from Baa3, as well as the standalone Baseline Credit Assessment (BCA) and Adjusted BCA of the bank to Ba1 from Ba2. The bank's long-term Counterparty Risk Ratings (CRR) were upgraded to Baa1 from Baa2, and its long- and short-term Counterparty Risk Assessments (CR Assessment) were upgraded to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr), while its short-term CRR was affirmed at P-2. Its long-term junior senior unsecured (senior non-preferred) MTN programme ratings were upgraded to (P)Ba1 from (P)Ba2, the senior unsecured MTN programme ratings were upgraded to (P)Baa2 from (P)Baa3 and the subordinated (Tier 2) MTN programme ratings were upgraded to (P)Ba1 from (P)Ba2.

In addition, Alpha Services and Holdings S.A.'s long-term issuer ratings were upgraded to Ba1 from Ba2, as well as its senior unsecured MTN program ratings were upgraded to (P)Ba1 from (P)Ba2. The holding company's long-term junior senior unsecured (senior non-preferred) MTN programme ratings were upgraded to (P)Ba1 from (P)Ba2, while its subordinated (Tier 2) debt rating was upgraded to Ba1 from Ba2, and its subordinate MTN programme ratings were also upgraded to (P)Ba1 from (P)Ba2. The holding company's preferred stock non-cumulative (Additional Tier 1 notes) rating was upgraded to B1 (hyb) from B2 (hyb). The outlook for the senior unsecured debt and long-term deposit ratings of Alpha Bank, as well as the outlook for the holding company's long-term issuer ratings, remain positive.

As for Piraeus Bank, Moody's Ratings has upgraded the long- and short-term deposit ratings to Baa2/P-2 from Baa3/P-3, its long-term senior unsecured rating to Baa2 from Baa3, as well as the standalone Baseline Credit Assessment (BCA) and Adjusted BCA of the bank to ba1 from ba2. The bank's long-term Counterparty Risk Rating (CRR) was upgraded to Baa1 from Baa2 and its short-term CRR was affirmed at P-2, while its long- and short-term Counterparty Risk Assessments (CR Assessment) were upgraded to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr). Its long-term senior unsecured MTN programme ratings were upgraded to (P)Baa2 from (P)Baa3, and the subordinate (Tier 2) MTN programme ratings were upgraded to (P)Ba2 from (P)Ba3.

In addition, Piraeus Financial Holdings's long-term issuer ratings were upgraded to Ba1 from Ba2, as well as its senior unsecured MTN program ratings were upgraded to (P)Ba1 from (P)Ba2. In addition, the holding company's long-term subordinate (Tier 2) debt rating was upgraded to Ba2 from Ba3, and its subordinate MTN programme ratings were also upgraded to (P)Ba2 from (P)Ba3. The holding company's preferred stock non-cumulative (Additional Tier 1 notes) rating was upgraded to B1 (hyb) from B2 (hyb), and the short-term issuer ratings were affirmed at NP. The outlook for the senior unsecured debt and long-term deposit ratings of Piraeus Bank, as well as the outlook for the holding company's long-term issuer ratings, have changed to stable from positive following its ratings upgrade.