- Language: English
- Published: October 2012
- Region: Greece
Ratings On Five Hybrids Of National Bank of Greece S.A. Lowered To 'C' Following Announcement Of Tender Offer Jan 12
- Published: January 2012
- Region: Greece
- Standard & Poors
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.
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Research type: News
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National Bank of Greece Funding Ltd.