Research Update: Ratings On Five Hybrids Of National Bank of Greece Raised To 'CC' On Completion Of Tender Offer Jan 12

Standard & Poors, January 2012

Abstract
National Bank of Greece S.A. (NBG) announced the completion of its tender offer to acquire five outstanding hybrid capital securities on Jan. 16, 2012. We are therefore raising the issue ratings on the securities to 'CC' from 'C'. Today's action does not affect the counterparty credit ratings on NBG and the other issue ratings. On Jan. 24, 2012, Standard & Poor's Ratings Services raised to 'CC' from 'C' its issue ratings on five hybrid securities issued by National Bank of Greece Funding Ltd. and guaranteed by the National Bank of Greece S.A. (NBG; CCC/Negative/C). The rating action follows the bank's announcement on Jan. 16, 2012, of the completion of its tender offer launched on five hybrid capital securities on Jan....

Companies mentioned in this report are: National Bank of Greece S.A.,National Bank of Greece Funding Ltd.
Action: Upgraded

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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

National Bank of Greece S.A.,National Bank of Greece Funding Ltd.

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