European Morning Credit: Today in European Credit

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European Morning Credit: Today in European Credit

Financials

Greek Banks: Fitch upgrades

Fitch upgraded Eurobank and National Bank of Greece by a notch to ‘BBB’ and revised

the outlook on Piraeus (a notch below, at ‘BBB-’) to positive. Fitch no longer rates Alpha

Bank since April (for commercial reasons). The upgrades are driven by an improved

agency assessment of the operating environment.

Bottom line

We see the upgrades as spread tailwinds especially for Tier 2 where valuations have

more room to run. We’d flag our OW on Eurobank’s €4.25% ’35-30 Tier 2 at Z+145bps.

For senior preferred, valuations are in our view less obviously compelling so we are MW.

We are MW e.g. National Bank of Greece’s €4.5% ’29-28 senior preferreds at Z+47bps.

Issues to consider

• A better operating environment reflects strong economic growth and falling

unemployment. In turn, that helps corporate loan growth. Ultimately, that helps bank

financial profiles that continue on their upwards trajectory.

• We would agree with the fundamental distinction between Eurobank and National

Bank of Greece on the one hand, as in our view Piraeus’ creditworthiness is a step

below, despite very significant improvements (notably on capital) over the last 2-3

years.

(Luis Garrido)

Corporates

Autos: Stellantis reported 2Q26 US sales result

Stellantis reported its 2Q26 U.S. sales results on 1st July. 2Q26 unit sales rose by 6% yoy

and by 5% ytd. Key models include the Jeep Grand Wagoneer, the Ram 1500, Dodge

Durango and the Chrysler Pacifica. Upcoming models that Stellantis expects to support

2H26 include the Jeep Cherokee hybrid, Dodge Durango R/T 392 and the Ram 1500 TRX.

As part of Stellantis’ FaSTLAne 2030, in North America the company is aiming for a 35%

volume boost and 25% revenue growth through 2030.