On Feb. 27, 2006, Standard&Poor's Ratings Services revised its outlook on National Bank of Greece S.A. (NBG) to positive from stable, reflecting the bank's successful implementation of a more focused and financially sound strategy, which is contributing to a strengthening of its financial profile. At the same time, the 'BBB+' long-term and 'A-2' short-term counterparty ratings on the bank were affirmed. The ratings reflect NBG's dominant market position in Greece, strong funding profile, and meaningful progress in profitability, as well as the benefits of its indirect ownership by the Greek state (Hellenic Republic; A/Stable/A-1). Offsetting these positives is NBG's higher credit risk profile than the European average. NBG holds a prime position in Greece's banking system. It enjoys
