Fitch Ratings on Monday announced a decision to downgrade the credit ratings of Greece’s major banks, following a decision on Friday to cut the country’s state bond ratings.

The decision to cut Greek banks’ ratings was widely anticipated by the market.

Fitch said it has cut the long-term ratings of National Bank, Alpha Bank, Eurobank, Piraeus Bank and ATEbank to BB+ from BBB- and their short-term ratings to B from F3, while it maintained a negative outlook for their prospects.