Sound and stable market share in most retail and corporate lending segments in Greece. Good geographic diversification. High exposure to Greece's deteriorated economy. Sizable funding imbalances and highly deteriorated liquidity. Higher credit risk profile than international peers. Standard&Poor's Ratings Services' negative outlook on National Bank of Greece (NBG) is based on the possibility that we might lower the ratings if we believed it would default on its obligations, as defined by our criteria. We might lower the ratings on NBG if its access to the EU's extraordinary liquidity support mechanisms, including the Emergency Lending Assistance (ELA) discount facility at the European Central Bank (ECB; AAA/Stable/A-1+), became impaired for any reason. This support currently underpins the bank's capacity to
