Ratings On Five Hybrids Of National Bank of Greece S.A. Lowered To 'C' Following Announcement Of Tender Offer Jan 12
Standard & Poors, January 2012
Abstract
National Bank of Greece S.A. (NBG) on Jan. 3, 2012 announced a tender offer to buy its five outstanding hybrid capital securities. We consider the offer to be a "distressed exchange" under our criteria, because the investor will receive less value than originally promised, and because it arises from the issuer's financial distress. We are lowering the issue rating on the five hybrid capital securities subject to the tender offer to 'C' from 'CC'. The counterparty credit ratings on NBG and the other issue ratings are unaffected. MADRID (Standard & Poor's) Jan. 5, 2012--Standard & Poor's Ratings Services said today it lowered to 'C' from 'CC' the issue ratings on five hybrid securities issued by National Bank of Greece Funding...
Companies mentioned in this report are: National Bank of Greece Funding Ltd.
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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 Funding Ltd.
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