Eurobank

Fitch Ratings has upgraded the credit ratings of Greece's four systemic banks - i.e. National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank.

This upgrade reflects the improved assessment of Greece's operating environment, now rated at BB+.

Not only did the benchmark of the Greek bourse recover all its Wednesday losses on Thursday, but it also did it on increased turnover, which confirmed that local stocks are gathering interest again this month. The rise in prices was led by non-bank blue chips, especially those in the energy sector, but extended across the market.

Fitch Ratings has upgraded Greece's 'big four' banks (National, Piraeus, Alpha, Eurobank), giving them all a positive outlook.

Foreign pressures brought prices down on the Greek stock market from the start of Wednesday's session, but many stocks reacted toward the end and contained their losses considerably. Likewise, the benchmark regained some of the ground lost over the course of the day and its decline upon the close will not concern observers, as it points to a likely rebound. 

Fitch has upgraded four Greek banks.

The agency upgraded Piraeus and Alpha Bank to BB with a positive outlook and National Bank and Eurobank to BB+ with a positive outlook. The latter two are one step away from investment grade, according to the house.

Tuesday's balanced bourse session at Athinon Avenue left the benchmark virtually unchanged and a slight majority of stocks that headed higher, while blue chips ended up in the red. Following Monday's growth, the market managed to hold on to its gains as there was no clear direction for traders to take on the day.

After a disappointing August, this month started with very positive action at the Greek stock market on Monday. Despite the holiday in the US (Labor Day), there were enough sellers to push the benchmark at Athinon Avenue higher, with satisfactory turnover in the aftermath of last Friday's index rebalancing action. Rising stocks outnumbered decliners by two to one.

The Greek stock market made a strong start to September, recording its third consecutive rise. The General Index closed at the highs of the day, with “heavyweights” on its side, which fell significantly in August, creating the right conditions for buyers to re-enter.

JPMorgan remains positive about the prospects of Greek banks in a research report reflecting their second-quarter results.

Analyzing the profile of each of the "big four" banks (Alpha, Eurobank, National and Piraeus), the US bank notes the catalysts that could unlock more value and profits for shareholders.

A journey that began two years ago with expectations that Greece would regain its investment grade rating from all rating agencies without exception seems to be coming to an end.