Banking, finance, and taxes
Moody's Takes A Bite Out of Greek Banks, Again (NBG)
Published:
Last Updated:
National Bank of Greece SA (NYSE: NBG) is trading lower this morning with Europe after news that Moody’s has downgraded 8 Greek banks to ‘Caa2’ from ‘B3’ in a fresh outlook in Greece. Other banks in the downgrade are not exactly household names to many Americans (or Europeans) but they were listed as follows:
In local trading, the banks were down about 7% on last look. NBG shares in New York ADRs are trading down about 7% at $0.78 in fairly active trading.
We have warned over and over that credit ratings downgrades were going to plague anything and everything inside of or closely tied to the PIIGS. We cannot expect that this is the last downgrade from the ratings agencies. Moody’s has retained a negative outlook, so don’t be shocked if or when another downgrade comes in a few months.
JON C. OGG
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.