Prominent market shares in mortgages. Better-than-peers geographic diversification. Very high structural dependence on Eurosystem funding. High exposure to Greece's weak domestic economy. Large and rising stock of nonperforming assets. Poor profitability. Standard&Poor's Ratings Services' Selective Default 'SD' rating on National Bank of Greece S.A. (NBG) reflects our view that capital controls imposed on Greek banks on June 28, 2015, constitute a selective default under our criteria. In particular, the €420 weekly limit on deposit withdrawals reduces individuals' ability to access their deposits on a timely and in-full basis. Also, constraints to customers' ability to transfer funds abroad represent a selective default under our methodology. We also believe that NBG's liquidity position has severely deteriorated in recent months. NBG
