Greek Banks // Fitch upgraded the Long-Term Issuer Default Ratings (IDRs) of Eurobank S.A. and National Bank of Greece S.A. (NBG) by one notch to 'BBB-'/Stable from 'BB+'/Positive, marking their return to investment grade. At the same time, Fitch raised the IDRs of Alpha Bank S.A. and Piraeus Bank S.A. to 'BB+'/Positive from 'BB'/Positive. The upgrades primarily reflect improvements in the banks' standalone credit profiles, including a more sustained track record of sound earnings generation, the near-completion of their asset quality clean-up, stronger capital positions, and continued reliance on stable, deposit-based funding.