Moody's downgrades credit rating for Greek banks

International ratings agency Moody's on Wednesday downgraded five Greek banks by one notch due to a weakening in their financial strength and the country's difficult economic outlook. Moody's said it downgraded their deposit and debt ratings due "to a weakening in the banks' stand-alone financial strength and anticipated additional pressures stemming from the country's challenging economic prospects in the foreseeable future."
It named the banks as the National Bank of Greece, EFG Eurobank Ergasias SA, Alpha Bank AE, Piraeus Bank and Emporiki Bank of Greece SA. The outlook on all five banks' ratings remains negative, it said. Greece plans global USD bond Greece will issue a global US dollar denominated bond in late April or early May, the head of the country's debt agency (PDMA) said on Wednesday.
Greece, with total borrowing needs of 53.2 billion euros ($71.43 billion) this year, faces a refunding hump in April and May as it rolls over maturing bonds, T-bills and pay coupons coming due. Rated A2 by Moody's and BBB+ by Fitch and Standard & Poor's, the overborrowed country has about 23 billion euros of debt maturing between now and the end of May.