Fitch Ratings on Friday upgraded the state-guaranteed long-term senior debt rating of National Bank of Greece, Alpha Bank, and Eurobank Ergasias to ‘B’ from ‘B-‘. The credit rating agency said that the rating actions follow the upgrade of Greece’s sovereign Long-Term foreign currency Issuer Default Rating (IDR).

The government-guaranteed debt issuances are senior unsecured instruments that bear the full guarantee of the Greek state. Consequently, their ratings are the highest of the issuer’s Long-term IDR and Greece’s Long-term foreign currency IDR. Greek banks’ government-guaranteed debt ratings are sensitive to any changes to Greece’s sovereign ratings.