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DBRS Credit Rating Review of Cyprus Economy Scheduled Today

Local Eye

Mar. 13, 2026

GREECE

Macro/Political:

  • Moody’s told Kathimerini that markets are currently pricing in a short-lived Middle East conflict. However, in a scenario where the war is prolonged, which cannot be ruled out, Greek banks would face serious pressure on their business plans and financials, while a new wave of NPLs is likely, potentially derailing their prospects. Furthermore, according to the agency, Greek banks would not face an immediate deterioration in solvency from the primary effects. However, secondary risks would increase in the event of a prolonged disruption, as banks would be exposed to weaker economic activity, reduced investor sentiment, and potential liquidity pressures. Finally, Nontas Nikolaidis, Vice President and senior executive of Moody’s bank credit ratings, added that if the conflict is short-lived, there will be no serious impact on Greek banks.
    Source: Kathimerini

 

Markets:

  • Aegean’s net loss in 4Q25 stood at EUR -0.1mn compared to EUR -2.1mn in 4Q24. FY25 net profit stood at EUR 147.8mn (+14% y-o-y). Aegean’s EBITDA in 4Q25 stood at EUR 64.9mn compared to EUR 75.4mn in 4Q24.
    Source: ATHEX

CYPRUS

Macro/Political:

  • DBRS credit rating review of the Cyprus economy is scheduled to be released today. The Agency currently holds Cyprus at A, trend stable.

 

  • Provisional data released by CyStat showed that in the period of January 2026 the trade balance was in deficit of EUR 476.6 mn compared to a deficit of EUR 707.5 mn in the corresponding period of 2025. Total imports of goods in January amounted to EUR 994.1mn (-13.6% y-o-y) while total exports were EUR 517.5mn (+16.6% y-o-y).
    Source: CyStat

 

  • The European Commission disbursed EUR 21.2mn in grants to Cyprus, marking the fifth payment under the Recovery and Resilience Facility of the NextGeneration EU, the EU’s post pandemic recovery programme. Cyprus submitted its fifth payment request, totalling EUR 70.5 mn. This request includes 19 milestones and targets covering 8 reforms and 11 investments.
    Source: European Commission
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