This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Market-leading position in Slovenia and Southeastern European (SEE) countries, with solid profitability. Risks from operations in several foreign markets, where credit quality is generally weaker than in Slovenia. Strong funding and liquidity, thanks to leading deposit franchise in its core markets. Pressure on capitalization and operational risks, steaming from strong organic growth and acquisitions. Well-defined resolution framework across the group's entities, underpinned by sound additional loss-absorbing capacity (ALAC) buffers at Nova Ljubljanska Banka's (NLB's) resolution group in Slovenia. Nova Ljubljanska Banka ( NLB) has ambitious growth targets, and S&P Global Ratings thinks that
