We are of the view that Standard&Poor's rated Greek banks' financial profiles are exposed to significantly heightened risks as a result of deterioration in Greece's creditworthiness and Greek depositors' perceptions of a possible government debt restructuring. As a consequence, we are lowering our long-term counterparty credit ratings to 'CCC' from 'B' on the four Greek banks we rate. The negative outlook reflects the possibility that the banks could be downgraded again if we believe the banks are likely to default on their obligations as defined by our criteria. On June 15, 2011, Standard&Poor's Ratings Services lowered its long-term counterparty credit ratings to 'CCC' from 'B' on four Greek banks--National Bank of Greece S.A. (NBG), EFG Eurobank
