National Bank of Greece's Conditional Pass-Through Covered Bond Program And Issuance Assigned 'BBB-' Rating

OVERVIEW We have assigned our 'BBB-' ratings to National Bank of Greece's conditional pass-through covered bond program and the series issued under it. The program's conditional pass-through payment obligation structure mitigates asset and liability mismatch risk. As a result, our ratings on the covered bonds are delinked from the issuer's jurisdiction-supported rating level. Under our structured finance ratings above the sovereign criteria, the maximum potential rating on the program is limited to four notches above the long-term sovereign credit rating on Greece (B+/Stable/B). 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 6, 2018--S&P Global Ratings today assigned its 'BBB-' credit ratings

...OVERVIEW + We have assigned our '###-' ratings to National Bank of Greece's conditional pass-through covered bond program and the series issued under it. + The program's conditional pass-through payment obligation structure mitigates asset and liability mismatch risk. As a result, our ratings on the covered bonds are delinked from the issuer's jurisdiction-supported rating level. + Under our structured finance ratings above the sovereign criteria, the maximum potential rating on the program is limited to four notches above the long-term sovereign credit rating on Greece (B+/Stable/B). + 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 6, 2018--S&P Global Ratings today assigned its '###-' credit ratings to National Bank of Greece's (NBG; B-/Stable/B) conditional pass-through covered bond program and series issued under it. Asset-liability mismatch risk is mitigated because, in...

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