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National Bank of Greece S.A. - Global Mortgage Covered Bonds -- Moody's: No rating impact on NBG's Programme I covered bond ratings, after structural amendments

Moody's Investors Service ("Moody's") has announced today that the proposed structural amendments to the National Bank of Greece S.A. ("NBG", deposits Caa2 positive, adjusted BCA caa2, counterparty risk assessment B3(cr)) Global Mortgage Covered Bond (Programme I) would not, in and of themselves and as of this time, result in the downgrade or withdrawal of the Ba2 ratings on the covered bonds issued by NBG under Programme I. Moody's has determined that the amendments, in and of themselves and at this time, will not result in the downgrade or withdrawal of the ratings assigned to the bonds issued by NBG under its Covered Bond Programme I. Moody's opinion addresses only the credit impact associated with the proposed amendments, and Moody's is not expressing any opinion as to whether the amendments have, or could have, other non-credit related effects that may have a detrimental impact on the interests of bondholders and/or counterparties.