GREECE
Macro/Political:
- Moody’s did not release its scheduled credit rating action for the Greek economy on Friday (19/09).
Source: Moody’s
- Bank of Greece revised its forecast for GDP growth, projecting a rate of 2.2% in 2025, a decline to 1.9% in 2026, and a marginal increase to 2.1% in 2027. Growth is expected to be driven mainly by consumption, while investment and exports will also contribute positively. Consumption is projected to grow at an average rate of 2% over the forecast period, total investment at 7.5%, and total exports of goods at 3.1%.
Source: Bank of Greece
- The Overall Turnover Index in Industry (both Domestic and Non-Domestic Market) in July 2025 recorded a decrease of 1.8% (y-o-y) while it increased by 11.6% (m-o-m).
Source: ELSTAT
Markets:
- Intralot will launch EUR 850mn in senior secured notes due 2031. Proceeds from the offering are expected to form part of Intralot’s permanent capital structure and will be used to partially finance the acquisition of Bally’s International Interactive business as well as to repay certain existing debt. Together with the proceeds from the new term financing announced on September 19, the funds are intended to fully replace the debt financing commitments originally obtained from certain international banks in connection with the acquisition and refinancing.
Source: Bloomberg
- The public offering of GEK TERNA’s 7-year bond for an amount up to EUR 500mn will commence tomorrow and shall be concluded on Thursday (25/09). Yield range was set at 3.2% – 3.5%.
Source: ATHEX
CYPRUS
Macro/ Political:
- DBRS upgraded Cyprus’s credit rating to A from A-, while revising the trend to stable from positive. According to the agency, the upgrade reflects the sharp decline in the public debt burden in recent years and DBRS’s expectation that public debt metrics will continue to materially improve in the coming years. The public debt-to-GDP ratio is expected to remain on a firm downward path, supported by continued large government budget surpluses and a favourable economic outlook. The stable trend reflects DBRS’s view that risks to the credit rating are balanced. The rating is underpinned by a stable political environment, the strong financial position of the domestic banking sector, and the government’s sound fiscal and economic policies in recent years. However, DBRS also noted several constraints: Cyprus’s small, service-driven economy, which makes it vulnerable to external shocks; comparatively low labour productivity; and a large current account deficit (excluding SPEs).
Source: DBRS
