National Bank Of Greece I And II Mortgage Covered Bonds Ratings Raised Following Greece Upgrade

On April 22, 2022, we raised our long-term sovereign credit ratings on Greece to 'BB+' from 'BB' and affirmed our 'B' short-term ratings. The outlook is stable. Following this upgrade and the application of our sovereign risk criteria, we raised to 'A' from 'A-' 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 28, 2022--S&P Global Ratings today raised to 'A' from 'A-' its

...- On April 22, 2022, we raised our long-term sovereign credit ratings on Greece to '##+' from '##' and affirmed our 'B' short-term ratings. The outlook is stable. - Following this upgrade and the application of our sovereign risk criteria, we raised to 'A' from 'A-' 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 28, 2022--S&P Global Ratings today raised to 'A' from 'A-' 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 22, 2022, upgrade of Greece and the application of our sovereign risk criteria (see...

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