National Bank of Greece S. A. - Mortgage Covered Bonds 2 Moody s upgrades National Bank of Greece S. A. - Mortgage Covered Bonds 2
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Rating Action: Moody s upgrades National Bank of Greece S. A. - Mortgage Covered Bonds 2Global Credit Research - 12 Mar 2021Madrid, March 12, 2021 Moody s Investors Service ( Moody s ) has today upgraded to A3 from Baa1 the rating of the covered bond issued by National Bank of Greece S.A. (NBG or the issuer) (deposits Caa1 stable, adjusted baseline credit assessment caa1, counterparty risk (CR) assessment B1(cr)) under its Mortgage Covered Bond 2 Programme.RATINGS RATIONALEToday s rating upgrade follows amendments to the programme documents whereby the issuer has replaced the definition of the amortization test by the former definition of the enhanced amortisation test . Prior to this amendment, following an issuer event, a breach of the amortization test would have led to an acceleration of the covered bonds. A breach of