MADRID (Standard&Poor's) Feb. 27, 2006--Standard&Poor's Ratings Services said today that it has revised its outlook on National Bank of Greece S.A. (NBG) to positive from stable. At the same time, the 'BBB+' long-term and 'A-2' short-term counterparty ratings on the bank were affirmed. "The revision reflects the bank's successful implementation of a more focused and financially sound strategy, which is contributing to a strengthening of its financial profile," said Standard&Poor's credit analyst Elena Iparraguirre. The bank's focus on retail banking, divestment of noncore assets (including international operations), and successful management of its cost base have led to a significant improvement in performance--leaving behind the years of weak and volatile results--and internal capital generation. An
