National Bank of Greece Downgraded To 'D' On Distressed Exchange - S&P Global Ratings’ Credit Research

National Bank of Greece Downgraded To 'D' On Distressed Exchange

National Bank of Greece Downgraded To 'D' On Distressed Exchange - S&P Global Ratings’ Credit Research
National Bank of Greece Downgraded To 'D' On Distressed Exchange
Published Nov 04, 2015
3 pages (1374 words) — Published Nov 04, 2015
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

On Nov. 2, 2015, National Bank of Greece S.A. (NBG) launched a tender offer to exchange securities from holders of its Tier 1 debt, Tier 2 debt, and senior debt instruments with equity. The combined amount of the securities subject to the offer constitute most of the outstanding financial obligations on NBG's balance sheet, excluding customer deposits. We consider the offer to be a distressed exchange under our criteria. We are therefore lowering the rating on NBG to 'D' (default) from 'SD' (selective default). NEW YORK (Standard&Poor's) Nov. 4, 2015--Standard&Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on National Bank of Greece S.A. to 'D' from 'SD'. We also lowered our

  
Brief Excerpt:

...+ On Nov. 2, 2015, National Bank of Greece S.A. (NBG) launched a tender offer to exchange securities from holders of its Tier 1 debt, Tier 2 debt, and senior debt instruments with equity. + The combined amount of the securities subject to the offer constitute most of the outstanding financial obligations on NBG's balance sheet, excluding customer deposits. + We consider the offer to be a distressed exchange under our criteria. + We are therefore lowering the rating on NBG to 'D' (default) from '##' (selective default). NEW YORK (Standard & Poor's) Nov. 4, 2015--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on National Bank of Greece S.A. to 'D' from '##'. We also lowered our issue ratings on the bank's senior unsecured debt to 'D' from '###-' and our subordinated debt ratings to 'D' from 'C'. The downgrades follow NBG's launch on Nov. 2 of a tender offer to exchange securities from holders of its Tier 1 (T1) debt, Tier 2 debt, and...

  
Report Type:

Ratings Action

Ticker
ETE@GA
Issuer
National Bank of Greece S.A.
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Structured Finance
Country
Greece
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "National Bank of Greece Downgraded To 'D' On Distressed Exchange" Nov 04, 2015. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/National-Bank-of-Greece-Downgraded-To-D-On-Distressed-Exchange-1475580>
  
APA:
S&P Global Ratings’ Credit Research. (). National Bank of Greece Downgraded To 'D' On Distressed Exchange Nov 04, 2015. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/National-Bank-of-Greece-Downgraded-To-D-On-Distressed-Exchange-1475580>
  
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