Index: src/natools-s_expressions-printers.adb
==================================================================
--- src/natools-s_expressions-printers.adb
+++ src/natools-s_expressions-printers.adb
@@ -55,12 +55,16 @@
       begin
          Target.Append_Atom (Data);
       end Print_Atom;
 
       Event : Events.Event := Source.Current_Event;
-      Starting_Level : constant Natural := Source.Current_Level;
+      Starting_Level : Natural := Source.Current_Level;
    begin
+      if Events."=" (Event, Events.Open_List) then
+         Starting_Level := Starting_Level - 1;
+      end if;
+
       loop
          case Event is
             when Events.Error | Events.End_Of_Input =>
                exit;
             when Events.Open_List =>