Fitch upgrades credit rating of three major Greek banks

Credit ratings agency Fitch on Monday raised the credit rating of three major Greek banks, Eurobank, National Bank of Greece and Alpha Bank, after upgrading the credit rating of Greece's economy to one notch below investment grade last Friday.

The credit rating agency upgraded Eurobank and National Bank of Greece to "BB-" from "B+", and Alpha Bank to "B+" from "B".

Fitch reported that its decision is justified by the banks' improved capital position, their profitability, and the expected resilience of the country' economy in 2023.

On January 27, Fitch upgraded Greece's rating from 'BB' to 'BB+'.