MILAN (Standard&Poor's) June 5, 2013--Standard&Poor's Ratings Services said today that it defined the recently completed tender offer by National Bank of Greece (NBG) on five series of preferred securities issued by National Bank of Greece Funding Ltd. as a "distressed exchange" under its criteria because the offer implied that investors would receive less value than the original securities had promised. The securities were guaranteed by NBG and the tender offer launched on May 8, 2013, and completed on May 23. The issuer did not send us the relevant information on this exchange when it launched the offer. Therefore, we did not take the relevant rating actions on the preferred securities and subordinated debt at that time.
