Frankfurt am Main, November 09, 2012 -- Moody's Investors Service has today downgraded Finans Finansal Kiralama A.S.'s (FinansLeasing) issuer rating to Ba3 from Ba1. FinansLeasing is Finansbank's leading subsidiary. In addition, following Moody's implementation of its revised global rating methodology for finance companies, the rating agency has assigned to FinansLeasing a b3 Baseline Credit Assessment (BCA) and a Ba3 corporate family rating (CFR). All ratings carry a negative outlook.

The downgrade of the issuer rating reflects Moody's opinion that the credit quality of parent banks and their subsidiaries are typically linked and follows Moody's downgrade of Finansbank A.S. on 9 November 2012. FinansLeasing and Finansbank are the Turkish subsidiaries of National Bank of Greece, S.A. (NBG: Caa2/NP, deposits, negative; BFSR E/BCA caa3, stable).

Today's rating action on FinansLeasing concludes Moody's review, initiated on 16 March 2012 and extended on 3 July 2012.

RATINGS RATIONALE

--- DOWNGRADE OF FOREIGN-CURRENCY ISSUER RATING OF FINANSLEASING

The downgrade of FinansLeasing's foreign-currency issuer rating follows the downgrade of its direct domestic parent Finansbank (Ba2, deposits, negative; BFSR E+/BCA b2, negative) and the relatively low BCA assigned to FinansLeasing. FinansLeasing's issuer rating incorporates three notches of rating uplift (due to parental support from Finansbank) from its BCA. This reflects Moody's view that there is a high probability of support from FinansLeasing's direct domestic controlling shareholder, Finansbank, in case of need (Finansbank owns 68.61% of FinansLeasing).

The negative outlook on the issuer rating reflects the negative outlook on its direct parent, Finansbank.

--- FINANSLEASING'S BASELINE CREDIT ASSESSMENT

FinansLeasing's b3 BCA captures the level of interconnectedness between the overall risk profiles of FinansLeasing, Finansbank and its ultimate parent NBG (the 94.81% owner of Finansbank and 31.39% owner of FinansLeasing). In particular, the BCA captures the risk that any further deterioration of NBG's creditworthiness and its operating environment could elevate the level of stress within the group and ultimately present contagion risks to its subsidiaries.

Moody's considers that subsidiaries are always likely to be affected by changes in parents' creditworthiness. As of Q3 2012, FinansLeasing remained highly reliant on intergroup funds, at 51% of its balance sheet. Furthermore, its reliance on third-party market funds -- at 10% of balance sheet as of Q3 2012 BRSA results -- elevates the firm's susceptibility to market volatility and confidence sensitivity, such that a potential headline risk from NBG may have credit-negative implications for the group.

The assigned BCA additionally captures the weak asset quality with non-performing receivables to gross receivables at 11.2%, the potential for volatility of the assets and cash flows of the franchise, and the developing nature of the leasing sector in Turkey.

The negative outlook on the standalone profile reflects the negative outlook on its parents' ratings.

--- ASSIGNMENT OF CORPORATE FAMILY RATING

The assignment of the CFR follows Moody's implementation of its revised global rating methodology for finance companies, which stipulates the key operational, financial and environmental factors Moody's considers when rating these companies. The CFRs incorporate the affected finance companies' standalone credit profiles, as well as any parental or affiliate support.

In contrast to these finance companies' issuer ratings, which represent Moody's opinion of credit risk equivalent to the companies' senior unsecured debt obligations, the CFRs represent the rating agency's opinion of the companies' consolidated credit risk, equivalent to the weighted average of all debt classes within the companies' capital structure.

FinansLeasing's debt structure consist of senior unsecured obligations, hence the similar seniority between the credit risk indicated by its issuer rating and by its CFR.

WHAT COULD MOVE THE RATINGS UP/DOWN

Given today's rating action and negative outlook on FinansLeasing's ratings, an upgrade is unlikely in the short-term. However, the ratings could benefit from (1) positive developments regarding the ultimate parent's creditworthiness; and (2) further clarity on the future ownership structure of Finansbank and FinansLeasing itself.

The relevance of the latter stems from (1) NBG's stated intention to reduce its current stake in Finansbank; (2) our re-assessment of the potential impact of a more diverse ownership structure on FinansLeasing's intrinsic financial strength; and (3) the potential for de-linkage from any potential adverse consequences from NBG's weak creditworthiness.

A downgrade in FinansLeasing's ratings could be triggered by adverse credit developments in the parent's credit assessment, which could cause a deterioration of Finansbank's and FinansLeasing's own intrinsic credit characteristics.

PRINCIPAL METHODOLOGIES

The principal methodology used in these ratings was Finance Company Global Rating Methodology, published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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Arif K Bekiroglu Asst Vice President - Analyst Financial Institutions Group Moody'sDeutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Carola Schuler MD - Banking Financial Institutions Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Deutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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