Following a review under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'CCC/C' ratings on National Bank of Greece S.A. (NBG). The outlook is negative. We have lowered our ratings on the bank's dated subordinated and hybrids instruments to 'CC' from 'CCC-'. Ratings on NBG reflect our 'b+' anchor and our view of its adequate business position, weak capital and earnings, weak risk position, average funding and very weak liquidity. The final ratings, however, are two notches above the bank's stand-alone credit profile, reflecting our expectation of continuing short-term extraordinary liquidity support from the Greek government and EU authorities. The negative outlook reflects the possibility that we could downgrade NBG if economic and
