Moody’s upgraded mortgage covered bonds issued by three Greek banks from Caa2 to B3 yesterday (Monday), the latest in a series of rating actions that started with an upgrade of the Greek government bond rating.

National Bank of Greece

Five covered bond programmes were affected by the upgrade: issuance off two programmes (direct and indirect) from each of Eurobank Ergasias and National Bank of Greece, and the direct issuance programme of Alpha Bank.

“Today’s rating actions reflect Moody’s decision to raise the Greek country ceiling to B3 from Caa2, following the upgrade of Greece’s government bond rating to Caa3 from C, and upgrades of the deposit ratings of Alpha Bank and NBG,” said the rating agency.

The upgrade of the Greek government bond rating took place at the end of November.

Alpha Bank and NBG were two of five Greek banks on which Moody’s took positive rating actions on Friday, including revising the outlook from negative to positive on Eurobank’s rating.