This article, initially published on Dec. 23, 2004, has been revised throughout the text and tables. A corrected version follows. Dominant market position; Strong funding profile, supported by a large and stable retail deposit base; Strong earnings power; and Implicit support from the Greek state. Track record of volatile performance; Tight core capitalization; Comparatively high stock of nonperforming assets and high risk concentration by individual borrower; and Still-high equity risk exposure. The ratings on National Bank of Greece S.A. (NBG) reflect the bank's dominant position in the Greek financial system, strong funding profile, and close links with the state (Hellenic Republic; A/Stable/A-1). Offsetting these positives is NBG's track record of volatile performance in the past few years (including weak U.S.
