On March 29, 2011, we lowered our long–term sovereign credit rating on Greece to 'BB-' from 'BB+' and maintained it on CreditWatch negative. At the same time, we placed our 'B' short-term sovereign credit rating on Greece on CreditWatch negative. We now believe that Greece's financial system faces a greater deterioration in the operating and economic environment ahead and an increased likelihood of a government debt restructuring. We are lowering our long-term counterparty credit ratings to 'B+' on the four Greek banks that we rate--National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, and Piraeus Bank. Our 'B' short-term counterparty credit ratings on these banks are unchanged. All ratings remain on CreditWatch negative, with the exception of our 'CCC-' ratings
