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Moody's Raises Greek Banks' Outlook to Positive

Ευρωκίνηση

Bank of Greece. (Photo by Eurokinissi/ Yiannis Panagopoulos

ΑΤΗΕΝS -- Moody’s Investors Service on Thursday changed Greek banks’ outlook to positive from stable.

In a report, the credit rating agency said that its decision reflected mainly expectations for a further improvement in reducing the high levels of non-performing loans, as banks sell off legacy problem loans and move on with securitizations, combined with expectations for a gradual strengthening of Greek banks’ profits (core earnings).

The outllook reflects Moody’s assessment of the basic credit conditions that will affect Greek banks’ credit rating in the next 12-18 months.