Moody’s upgrades long-term deposit ratings of six Greek banks

International ratings agency Moody’s on Monday announced the upgrading of the long-term deposit ratings of six Greek lenders it rates, saying the upgrades were of one or two notches.

Moody’s also upgraded the stand-alone Baseline Credit Assessment (BCA) of three Greek banks.

The agency added that the outlook for the long-term deposit ratings for two banks was changed to stable from positive following their upgrades, while the outlooks for the long-term deposit ratings for the remaining four banks remain positive.

Moody’s said the positive ratings are due to structural improvements in the Greek economy, to significant improvements in lenders’ cash deposits, profitability and, in the case of Pancreta Bank, to its recent successful share capital increase.