Research Update: National Bank of Greece Rating Revised To 'SD' (Selective Default) From 'D' On Completed Capital Increase - S&P Global Ratings’ Credit Research

Research Update: National Bank of Greece Rating Revised To 'SD' (Selective Default) From 'D' On Completed Capital Increase

Research Update: National Bank of Greece Rating Revised To 'SD' (Selective Default) From 'D' On Completed Capital Increase - S&P Global Ratings’ Credit Research
Research Update: National Bank of Greece Rating Revised To 'SD' (Selective Default) From 'D' On Completed Capital Increase
Published Dec 11, 2015
5 pages (1541 words) — Published Dec 11, 2015
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

On Dec. 10, 2015, National Bank of Greece (NBG) announced that it had raised about €4.5 billion in capital, consisting of €1.8 billion through a capital increase, liabilities management exercise, and mandatory bail in, and about €2.7 billion provided by the Hellenic Financial Stability Fund (HFSF). The European Commission concluded that all of the conditions under the Banking Resolution Directive, which grant state aid without having to put the bank into resolution, were met. At the same time, capital controls and limits on deposit withdrawals remain in place in Greece. We are therefore revising our counterparty credit rating on NBG to 'SD' (selective default) from 'D'. On Dec. 11, 2015, Standard&Poor's Ratings Services revised its counterparty credit rating

  
Brief Excerpt:

...On Dec. 10, 2015, National Bank of Greece (NBG) announced that it had raised about 4.5 billion in capital, consisting of 1.8 billion through a capital increase, liabilities management exercise, and mandatory bail in, and about 2.7 billion provided by the Hellenic Financial Stability Fund (HFSF)....

  
Report Type:

Research Update

Ticker
ETE@GA
Issuer
National Bank of Greece S.A.
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Structured Finance
Country
Greece
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: National Bank of Greece Rating Revised To 'SD' (Selective Default) From 'D' On Completed Capital Increase" Dec 11, 2015. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-National-Bank-of-Greece-Rating-Revised-To-SD-Selective-Default-From-D-On-Completed-Capital-Increase-1548630>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: National Bank of Greece Rating Revised To 'SD' (Selective Default) From 'D' On Completed Capital Increase Dec 11, 2015. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-National-Bank-of-Greece-Rating-Revised-To-SD-Selective-Default-From-D-On-Completed-Capital-Increase-1548630>
  
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