Dominant position in the Greek financial market. Access to extraordinary liquidity sources. Very high exposure to Greece's deteriorated creditworthiness. Higher credit risk than Western European peers. Increased funding imbalances with high reliance on the European Central Bank. Weakening profitability and asset quality. The ratings on the National Bank of Greece S.A. (NBG) primarily reflect Standard&Poor's Ratings Services' view of the risk posed by its direct and indirect exposure to the deteriorated creditworthiness of Greece (Hellenic Republic; CC/Negative/C), rising funding imbalances, a higher credit risk profile than that of its Western European peers, and weakening profitability and asset quality, in the context of a sharp and prolonged economic downturn. Supporting factors include our view of NBG's dominant position in
