On April 8, 2013, National Bank of Greece (NBG) and Eurobank Ergasias announced that, in agreement with the Greek and European Authorities, they had suspended the previously announced merger between them. We anticipate that the HSFS will continue to provide capital support to NBG and Eurobank to maintain their adequate regulatory capital ratios and solvency. We are affirming our 'CCC/C' long- and short-term counterparty credit ratings on NBG and Eurobank. The negative outlook reflects that we could downgrade NBG and Eurobank if we believed future external support would be insufficient to maintain adequate liquidity or solvency, thereby leading to a default. On April 11, 2013, Standard&Poor's Ratings Services affirmed its 'CCC/C' long- and short-term counterparty credit ratings on
