National Bank of Greece's Series 9 Covered Bond Assigned 'BBB-' Rating; Program And Outstanding Issuances Affirmed

OVERVIEW We have assigned our 'BBB-' rating to National Bank of Greece's series 9 covered bond. At the same time, we have affirmed our ratings on the program and outstanding issuances. 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) Aug. 14, 2018--S&P

...OVERVIEW + We have assigned our '###-' rating to National Bank of Greece's series 9 covered bond. + At the same time, we have affirmed our ratings on the program and outstanding issuances. + 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) Aug. 14, 2018--S&P Global Ratings today assigned its '###-' rating to National Bank of Greece S.A.'s (NBG) mortgage covered bond program's series 9 issuance. At the same time, we have affirmed our '###-' ratings on...

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