Fitch downgrades five Greek banks to CCC from B-, matching country's sovereign debt rating, which is the lowest possible for a country not in default
Cindy Allen
NEW YORK
,
May 18, 2012
(Associated Press)
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Fitch ratings agency has downgraded five Greek banks, a day after giving the crisis-hit nation the lowest possible grade for a country that is not in default.
A Fitch statement Friday says it gave National Bank of Greece, Eurobank, Alpha, Piraeus and Agricultural Bank of Greece a CCC rating, down from B-.
Fitch notes that major Greek banks have not yet received capital injections earmarked for them under the country's latest international bailout.
On Thursday, Fitch downgraded Greece's sovereign rating to CCC.
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