Romania: Romania: Fitch downgrades long-term ratings of Banca Romaneasca and Bancpost S.A.

February 25, 2010

Romania: Fitch downgrades long-term ratings of Banca Romaneasca and Bancpost S.A.
Feb 25, 2010

Romania: Fitch downgrades long-term ratings of Banca Romaneasca and Bancpost S.A..
Bucharest, Feb 25 /Agerpres/ - Global rating agency Fitch said on Wednesday it has downgraded the Long-term Issuer Default Ratings (IDRs) of the Bulgarian and Romanian units of the National Bank of Greece (NBG) and EFG Eurobank Ergasias.

The Wednesday's rating actions follow Fitch's downgrade on Tuesday of the Long-term and Short-term Issuer Default Ratings (IDRs) of Greece's four-largest commercial banks to 'BBB' from 'BBB+' and to 'F3' from 'F2', respectively, Fitch said in a statement.

Fitch downgraded the long-term IDR of Banca Romaneasca S.A. (owned by National Bank of Greece - NBG) to 'BBB-' from 'BBB', outlook negative; affirmed the short-term IDR at 'F3' and the support rating at '2'.

The negative outlook on the long-term IDR mirrors that of the parent bank. The individual rating of 'D' remains unaffected by Wednesday's rating action.

In the case of Bancpost S.A. (owned by EFG Eurobank), Fitch downgraded the
long-term IDR to 'BBB-' from 'BBB', outlook negative; affirmed the short-term IDR at 'F3' and the support rating at '2'.

The negative outlook on the long-term IDR mirrors that of the parent bank. The individual rating of 'D/E' remains unaffected by the Wednesday's rating action.

In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's individual ratings and the prospect of external support is reflected in Fitch's support ratings. Collectively these ratings drive Fitch's long- and short-term IDRs.

Greece's main banks are also operating in Romania. The National Bank of Greece (NBG) is a majority shareholder in Banca Romaneasca and EFG Eurobank is controlling Bancpost. Alpha Bank, Piraeus Bank and Ate Bank (former Midbank) are also doing business in Romania. AGERPRES
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