Limassol, October 23, 2015 -- Moody's Investors Service announced today that Piraeus Bank S.A. proposal to substitute the issuing entity of the below mentioned subordinated and senior notes (currently issued by Piraeus Group Finance Plc) with Piraeus Bank S.A. (deposit rating Caa3 negative, baseline credit assessment ca) would not, in and of itself and at this time, result in a withdrawal of the notes' C subordinated and senior debt ratings. In addition, the C subordinated and senior debt ratings are already at the lowest level on Moody's rating scale and, therefore, no downgrade of the rating is possible.

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