National Bank of Greece's EUR10 Billion Conditional Pass-Through Covered Bonds Assigned 'BBB-' Ratings

OVERVIEW We have assigned our 'BBB-' ratings to National Bank of Greece's €10 billion 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+/Positive/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) Dec. 20, 2018--S&P Global Ratings today assigned its 'BBB-'

...OVERVIEW + We have assigned our '###-' ratings to National Bank of Greece's 10 billion 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+/Positive/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) Dec. 20, 2018--S&P Global Ratings today assigned its '###-' credit ratings to National Bank of Greece S.A.'s (NBG; B-/Stable/B) 10 billion conditional pass-through covered bond program and series issued under it. Asset-liability mismatch...

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