S&P Upgrades National Bank's Covered Bond Credit Rating to Investment Grade

S&P Upgrades National Bank's Covered Bond Credit Rating to Investment Grade

Standard & Poor's  announced the upgrade of National Bank of Greece's three-year covered bonds worth 750 million euros to the BBB- credit rating, four notches above the country's credit rating.
According to economic analysts, this rating covers not only this specific bond issue but any future issues approved by National Bank in the framework of the covered bond 2 programme.
It is the first time since the start of the economic crisis in Greece that a bond issued by a Greek bank is rated as "investment grade" and it is the first to be included in the category of selected securities for the refinancing mechanism of the European Central Bank, ensuring zero cost for bondholders and a further positive course in the secondary bond market.

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