...Poor profitability. Outlook The stable outlook on National Bank of Greece (NBG) reflects S&P Global Ratings' opinion that, despite NBG's fragile financial profile, we do not expect the bank to face a near-term default on its obligations. We could lower the ratings if macroeconomic conditions and the relationship with European authorities materially worsened, and if these factors resulted in a deterioration of NBG's liquidity position. This could happen if the bank loses access to funding provided by the European authorities, or if we anticipated such support being insufficient to meet the bank's financing needs. Any positive rating action would require increased market confidence in the Greek banking system and our view of a significant improvement in the macroeconomic environment. This would result in NBG becoming less reliant on European Central Bank (ECB) funding and short-term funding sources, improving its profitability and asset quality....
