National Bank of Greece Rating Revised To 'SD' (Selective Default) From 'D' On Completed Capital Increase

On Dec. 10, 2015, National Bank of Greece (NBG) announced that it had raised about €4.5 billion in capital, consisting of €1.8 billion through a capital increase, liabilities management exercise, and mandatory bail in, and about €2.7 billion provided by the Hellenic Financial Stability Fund (HFSF). The European Commission concluded that all of the conditions under the Banking Resolution Directive, which grant state aid without having to put the bank into resolution, were met. At the same time, capital controls and limits on deposit withdrawals remain in place in Greece. We are therefore revising our counterparty credit rating on NBG to 'SD' (selective default) from 'D'. NEW YORK (Standard&Poor's) Dec. 11, 2015--Standard&Poor's Ratings Services said today

...+ On Dec. 10, 2015, National Bank of Greece (NBG) announced that it had raised about 4.5 billion in capital, consisting of 1.8 billion through a capital increase, liabilities management exercise, and mandatory bail in, and about 2.7 billion provided by the Hellenic Financial Stability Fund (HFSF). + The European Commission concluded that all of the conditions under the Banking Resolution Directive, which grant state aid without having to put the bank into resolution, were met. + At the same time, capital controls and limits on deposit withdrawals remain in place in Greece. + We are therefore revising our counterparty credit rating on NBG to '##' (selective default) from 'D'. NEW YORK (Standard & Poor's) Dec. 11, 2015--Standard & Poor's Ratings Services said today that it revised its counterparty credit rating on National Bank of Greece to '##' (selective default) from 'D'. We also raised our issue rating on the senior unsecured debt to '###+', our issue rating on the subordinated debt to...

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