The credit rating of Piraeus Bank has been upgraded to BB from B (high) by DBRS, with stable prospects.

According to DBRS, the upgrade reflects the ongoing improvement in the bank's credit profile, attributed to the reduction of non-performing exposures (NPEs) and limited generation of new NPEs.

However, Piraeus Bank's asset quality remains low compared to international standards. DBRS anticipates an increase in NPEs in the coming quarters due to higher interest rates, high cost of living, and the slowdown in economic activity.