Standard & Poor's affirms Piraeus Bank's credit rating to BBB+, while it revises the outlook to stable from positive, on the basis of the conditions that are currently formed in the banking markets.
According to S&P's, Piraeus Bank's ratings continue to reflect Piraeus Bank's good market position in Greece, successful growth strategy to date, improved and healthy profitability and enhanced solvency. Piraeus Bank remains primarily retail funded, with deposits continuing to grow soundly during the first half of 2008. S&P's views favorably management's approach towards the expansion of its capital base, as evidenced by the capital increase undertaken in 2007, as well as by the higher than the past capital adequacy targets.