Strong and stable market shares in Greece. Better-than-peers geographic diversification. Benefits from access to extraordinary capital and liquidity support. High exposure to Greece's deteriorated domestic economy. Structural dependence from liquidity facilities provided by the ECB. Weak asset quality metrics. Poor profitability. The negative outlook is based on the possibility that we could lower the ratings on National Bank of Greece (NBG) if we considered that it would default on its obligations, according to 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 discount facility at Bank of Greece, and to the European Central Bank (ECB) were impaired for any reason. This support currently underpins the
