Credit Notice: S&P To Assess The Credit Impact Of Its Downgrade Of Greece On Four Greek Banks And One Subsidiary Jun 11

Standard & Poors, June 2011

Abstract
MADRID (Standard & Poor's) June 13, 2011--Standard & Poor's Ratings Services today lowered its long-term sovereign credit ratings on the Hellenic Republic (Greece) to 'CCC' from 'B'. The short-term ratings were affirmed at 'C'. At the same time, the ratings were removed from CreditWatch negative. The outlook is negative. (See "Long-Term Sovereign Rating On Greece Cut To 'CCC'; Outlook Negative," published today on RatingsDirect.) We believe that this downgrade could have a negative impact on the creditworthiness of the four Greek banks and one related international subsidiary that we rate, namely: National Bank of Greece S.A. (B/Watch Neg/C) and its strategically important Bulgarian subsidiary United Bulgarian Bank A.D. (B/Watch Neg/C), EFG Eurobank Ergasias S.A. (B/Watch Neg/C), Alpha Bank A.E. (B/Watch...

Companies mentioned in this report are: National Bank of Greece S.A.,Alpha Bank A.E.,EFG Eurobank Ergasias S.A.,Piraeus Bank S.A.,United Bulgarian Bank A.D.
Action: General Comment

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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

National Bank of Greece S.A.,Alpha Bank A.E.,EFG Eurobank Ergasias S.A.,Piraeus Bank S.A.,United Bulgarian Bank A.D.

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