S&P Global Ratings upgraded the credit ratings of Alpha Bank, Eurobank, National Bank, Piraeus Bank, and Aegean Baltic Bank.

As the rating agency notes, the consolidation of balance sheets in the Greek banking system is coming to an end, as the sector has achieved full recovery after the crisis and is beginning to benefit from the positive momentum of the Greek economy.

Also, the improved market sentiment has eased S&P's concerns about banks' funding profiles, as they have managed to keep funding costs low through their stable deposit base and access to more affordable funding from foreign markets.

Also, each individual bank has made significant progress toward improving earnings generation and the resilience of its business model, S&P notes.

In this context, the agency made the following changes to the ratings:

Aegean Baltic Bank upgraded the long-term rating to 'BB-' from 'B+' and affirmed the short-term rating at 'B'. The outlook is stable.

Alpha Bank upgraded the long-term rating to 'BB' from 'BB-' and affirmed the short-term rating at 'B'. The outlook is positive.

Eurobank upgraded the long-term rating to 'BB+' from 'BB' and affirmed the short-term rating at 'B'. The outlook is positive.

National Bank upgraded the long-term rating to 'BB+' from 'BB' and affirmed the short-term rating at 'B'. The outlook is positive.

Piraeus Bank upgraded the long-term rating to 'BB' from 'BB-' and affirmed the short-term rating at 'B'. The outlook is positive.