A Downgrade for Greece's Largest Banks

From Reuters: " Fitch downgraded National Bank (NBG), Alpha Bank (ACBr.AT), EFG Eurobank (EFGr.AT) and Piraeus Bank (BOPr.AT) by one notch to BBB from BBB-plus...The outlook is negative, which typically signals the ratings may be downgraded again over the next one to two years...'(The downgrade) reflects the country's sovereign rating pressures. It's a negative development but it was more or less expected. It may affect Greek banks' funding with a potential negative implication on credit growth,' said an analyst who did not want to be named."  Disclosure: I am long NBG.