Moody's Investors Service has assigned a Prime-2 short-term rating to the EUR300 million Euro-Commercial Paper Programme of Hellenic Bank (rated Baa2/Prime-2/D+). Notes issued under the Programme will constitute unsecured and unsubordinated obligations of Hellenic Bank. The outlook for the rating is stable.
Moody's notes that the Prime-2 short-term rating for the Programme is at the same level as the Prime-2 foreign currency short term deposit rating already assigned to Hellenic Bank. Moody's existing ratings for Hellenic
Bank, of Baa2/Prime-2 for long- and short-term foreign currency deposits and D+ for financial strength, reflect the bank's adequate franchise value and financial fundamentals and its importance and significance to its domestic banking system.
Headquartered in Nicosia, Cyprus, Hellenic Bank had total assets of CYP2.5 billion (EUR4.3 billion) as of 31 December 2003.
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