- Increase in ceiling to BBB-, the lowest IG grade, may lead to Fitch giving IG ratings to Greek covered bonds with sufficient over-collateralization including Alpha Bank and National Bank of Greece notes
- Alpha Bank upgrade to IG would make notes ECB repo-eligible; Commerzbank therefore sees “catch-up potential” for lender’s February 2023 covered bond
- National Bank of Greece notes — already ECB eligible due to S&P rating — would benefit from lower standard risk weights
13
Aug
(Bloomberg) —
Raising of Greek rating ceiling last week paves way for Fitch to upgrade some local covered bonds to IG status, Commerzbank analyst Michael Weigerding writes in an Aug. 13 note.
Aug
Greek Covered Bonds May Get IG Ratings at Fitch: Commerzbank
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