Moody’s rating service is considering lowering the credit ratings of First Hawaiian Bank, the state’s largest financial institution, due to reverberations of the Greek debt crisis.

FHB and its sister bank, Bancwest, are owned by Bancwest Corporation. It, in turn, is a subsidiary of BNP Paribas, one of three large French banks most heavily impacted by the crisis in Greece.

Although FHB has strong ratings, Moody’s is reviewing those credit ratings because of concerns that losses on Greek investments could would make it more difficult for PNP Paribas to backstop its subsidiaries. In addition, financial commitments would require FHB to help cover losses of Bancwest should it run into trouble and be unable to draw on support from their French parent company.

Based on the FDIC cross-guarantee provisions, all depository institutions owned by the same company are financially responsible for the failure or resolution costs of any affiliated insured institution. Similarly, the review of First Hawaiian’s stand-alone BFSR was prompted by the rating agency’s view that if Bank of the West’s ratings no longer benefit from the support of BNP Paribas, First Hawaiian could then be more likely to be called upon to support Bank of the West.

TheStreet.com reported today that PNP Paribas could even be forced to sell Bank of the West if its investments in Greece unravel.

These aren’t the kinds of problems that pose a significant threat to FHB, given its financial strength, but if they actually lead to lowered ratings, it could increase costs and lower FHB profits, perhaps spilling over into higher fees for Hawaii consumers.

Interestingly, despite extensive international media coverage of the Greek crisis and the French connection, local media have not yet jumped on its impact on the state’s largest bank.