National Bank of Greece?s €15 Billion Conditional Pass-Through Covered Bonds Ratings Affirmed At 'A-'

As part of our ongoing surveillance, we have reviewed our ratings on National Bank of Greece's €15 billion conditional pass-through covered bond program and related series issued under it. The program's available and committed credit enhancement remain commensurate with the currently assigned ratings. We have therefore affirmed our 'A-' ratings on the covered bond program and related issuance. We do not assign outlooks for ratings on programs whose creditworthiness we believe does not depend on that of the issuing bank. MADRID (S&P Global Ratings) July 29, 2021--S&P Global Ratings today affirmed its 'A-' credit ratings on National Bank of Greece S.A.'s (NBG; B+/Stable/B) €15 billion conditional pass-through covered bond program and series issued under it. We have updated our credit

...- As part of our ongoing surveillance, we have reviewed our ratings on National Bank of Greece's 15 billion conditional pass-through covered bond program and related series issued under it. - The program's available and committed credit enhancement remain commensurate with the currently assigned ratings. - We have therefore affirmed our 'A-' ratings on the covered bond program and related issuance. - We do not assign outlooks for ratings on programs whose creditworthiness we believe does not depend on that of the issuing bank. MADRID (S&P Global Ratings) July 29, 2021--S&P Global Ratings today affirmed its 'A-' credit ratings on National Bank of Greece S.A.'s (NBG; B+/Stable/B) 15 billion conditional pass-through covered bond program and series issued under it. We have updated our credit and cash flow analysis based on the specific adjustments defined for Greece under our global residential loans criteria and related guidance (see "Global Methodology And Assumptions: Assessing Pools Of...

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