Strong and stable market shares in Greece. Potential extraordinary capital support from EU authorities. Better-than-peers geographic diversification. High exposure to Greece's deteriorated domestic economy. Large and rising stock of non-performing assets Poor profitability. High structural dependence from liquidity facilities provided by central bank. The stable outlook reflects our opinion that, notwithstanding its fragile business and financial profiles, we do not expect NBG to face a short-term default on its obligations. This is consistent with the scenario outlined for a 'CCC+' ratings definition in our "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct. 1, 2012. We believe NBG continues to operate in a weak economic and operating environment, faces significant asset quality vulnerabilities that will likely continue pressuring
