National Bank Of Greece I And II Covered Bond Program Ratings Raised Following Greece Upgrade

On April 23, 2021, we raised our long-term sovereign credit ratings on Greece to 'BB' from 'BB-' and affirmed our 'B' short-term ratings. The outlook is positive. Following this upgrade and the application of our sovereign risk criteria, we have raised to 'A-' from 'BBB+' our ratings on the mortgage covered bonds issued by National Bank of Greece under its covered bond programs I and II. Both programs have conditional pass-through payment obligation structures, which mitigate asset and liability mismatch risk. As a result, our ratings on the covered bonds are delinked from the issuer's jurisdiction-supported rating level, and we do not assign an outlook. MADRID (S&P Global Ratings) April 30, 2021--S&P Global Ratings today raised to 'A-' from 'BBB+'

...- On April 23, 2021, we raised our long-term sovereign credit ratings on Greece to '##' from '##-' and affirmed our 'B' short-term ratings. The outlook is positive. - Following this upgrade and the application of our sovereign risk criteria, we have raised to 'A-' from '###+' our ratings on the mortgage covered bonds issued by National Bank of Greece under its covered bond programs I and II. - Both programs have conditional pass-through payment obligation structures, which mitigate asset and liability mismatch risk. As a result, our ratings on the covered bonds are delinked from the issuer's jurisdiction-supported rating level, and we do not assign an outlook. MADRID (S&P Global Ratings) April 30, 2021--S&P Global Ratings today raised to 'A-' from '###+' its credit ratings on the mortgage covered bonds issued by National Bank of Greece S.A. (NBG) under its covered bond program I and II. Today's upgrade follows our April 23, 2021, upgrade of Greece (see "Greece Upgraded To '##' On Improved...

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