Moody's rates National Bank of Greece bonds Baa3

Moody's Investors Service said it assigned Baa3 definitive long-term ratings to National Bank of Greece SA's series 1 covered bonds due 2015, series 2 covered bonds due 2017 and series 3 covered bonds due 2019.

The covered bonds constitute direct, unconditional and senior obligations of the bank and are secured by a pool of Greek residential assets, Moody's said.

The ratings reflect the bank's credit strength, credit quality of its assets and the commitment of the issuer to maintain an asset percentage of 95%, which translates into an over-collateralization of about 5%, Moody's said.

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