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Moody’s cites ‘credit positive’ develompent with NBG’s sale of Bulgarian operations

Moody’s on Monday said National Bank of Greece’s sale last week of its Bulgarian subsidiaries is a “credit positive” development, while also forecasting the Greek systemic bank will be the first in the country to pay off its obligations towards the ECB’s emergency liquidity assistance (ELA) mechanism.

Additionally, Moody’s said improved NBG’s results will have a positive effect on its lending profile and will boost its capital base, thereby dealing with major challenges affecting the banking sector in the country.

NBG last week sold 99.91 percent of its shares in Bulgarian Bank A.D. and 100 percent of its shares in Interlease EAD, boosting its liquidity by 900 million euros.