We are assigning our 'BB-' long-term and 'B' short-term counterparty credit ratings to Spain-based bank NCG Banco S.A. The outlook is negative. The ratings balance NCG Banco's comparatively weaker business position and financial profile than peers' with the benefits of the extraordinary government support that the bank is receiving. The negative outlook reflects the various challenges the bank faces, including undertaking a deep restructuring amid difficult operating conditions, turning around profitability, strengthening capital, and rebalancing its funding profile. It also takes into account our negative outlook on Spain. MADRID (Standard&Poor's) March 27, 2013--Standard&Poor's Rating Services said today that it had assigned its 'BB-' long-term and 'B' short-term counterparty credit ratings to Spanish bank NCG Banco S.A.
