OVERVIEW On Feb. 27, 2012, we lowered our long- and short-term sovereign credit ratings on Greece to 'SD' (selective default). We believe that rated Greek banks are likely to incur sizable losses on their Greek government bond portfolios upon completion of Greece's recently launched exchange offer. However, we read the Greek authorities' public statements as indicating that sufficient public funds should be available to address immediate potential capital and liquidity shortfalls. We are therefore affirming our 'CCC/C' long- and short-term ratings on the four banks that we rate--National Bank of Greece S.A., EFG Eurobank Ergasias S.A., Alpha Bank A.E., and Piraeus Bank S.A. The negative outlooks reflect the possibility that we could further lower the long- and short-term ratings on
