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Moodys: The agreement between Attica Bank and Aldridge is Credit Positive


Moody’s said yesterday that Attica Bank’s completion of the agreement with Aldridge as Credit Positive.. As per Moody’s the completed deal will allow the bank to de-recognise the portfolio of securitised loans and boost its efforts to tackle its large stock of troubled loans.


Attica Bank has the highest level of NPE’s among Greek banks, as defined by the EBA, at 61.5% of gross loans as of Q1’17, which Moody’s sees at 43% post the transaction.


As threating agency notes, asset quality remains a key challenge for Attica Bank, Greece’s smallest commercial bank, with a deposit market share of c1%, given that the financial crisis and the country’s deep recession have significantly deteriorated banks’ asset quality indicators since 2009.

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