Tangible progress in restructuring and wind-down of nonperforming and other noncore assets. Improving performance ratios, advocating success of the transformation. Solid stable customer franchise in Slovenia and foreign core markets. Medium-term results that will likely continue to be hampered by additional credit losses, with only slow credit growth as the correction phase in Slovenia continues. High levels of legacy problem loans that remain a burden. Uncertainty about the success of the targeted reprivatization and continued risks stemming from state ownership, which may threaten the stability of the bank's new governance and risk management standards over the cycle. S&P Global Ratings' outlook on Slovenia-based Nova Ljubljanska Banka (NLB) is positive. The positive outlook reflects our view of an at least one-in-three
