Fitch Upgrades Greece’s Major Banks, Reflecting Economic Optimism

Fitch Ratings delivered a positive update for Greece’s financial sector on Tuesday, April 1, 2025, by upgrading the country’s four largest banks.
The move highlights their improved credit strength and a brighter economic climate in Greece, offering a fresh boost to the nation’s recovery narrative.

National Bank of Greece (NBG) and Eurobank saw their Long-Term Issuer Default Ratings rise from ‘BB+’ to ‘BBB-’ with a stable outlook, nudging them into investment-grade status. Alpha Bank and Piraeus Bank also advanced, moving from ‘BB’ to ‘BB+’ with a positive outlook, hinting at more upgrades to come.

Fitch tied the upgrades to Greece’s stronger operating environment, which it now rates higher. The agency predicts Greece’s economy will keep outpacing the eurozone, fueled by rising investments, steady consumer spending, and falling unemployment. The ongoing rollout of the Recovery and Resilience Fund, part of the EU’s post-pandemic support, is expected to open new doors for banks to thrive.

For Greeks around the world, this is a clear sign of progress—a testament to a banking sector regaining its footing and a country carving out a stronger role in Europe’s economy. Lower borrowing costs and increased investor interest could follow, painting a promising picture for Greece’s future.