23 Sep '11, 8am

Moody's downgrades 8 Greek banks by 2 notches

Moody's downgrades 8 Greek banks by 2 notches

Moody's ratings agency downgraded eight Greek banks by two notches on Friday due to their exposure to Greek government bonds and the deteriorating economic situation in the debt-ridden country. -- PHOTO: REUTERS ATHENS (AP) - Moody's ratings agency downgraded eight Greek banks by two notches on Friday due to their exposure to Greek government bonds and the deteriorating economic situation in the debt-ridden country, whose government has struggled to meet the terms of an international bailout. Moody's Investors Service downgraded National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of Greece and Attica Bank to CAA2 from B3. It also downgraded Emporiki Bank of Greece and General Bank of Greece to B3 from B1. The agency said the outlook for all the banks' long-term deposit and debt ratings was negative. Moody's cited 'the expected impact...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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