GREECE
Macro/Political:
- Fitch credit rating review of the Greek economy is scheduled to be released today. The Agency currently holds Greece at BBB, outlook stable.
Markets:
- Moody’s has assigned a first-time Baa3 long-term issuer rating to GEK TERNA, with a stable outlook. According to the credit rating agency, the rating reflects GEK TERNA’s ownership and control of critical and substantial road transport infrastructure assets in Greece, operated under long-term concession agreements that support stable and predictable operating performance in a macroeconomic environment that remains favourable. The rating also takes into account the group’s consolidated debt position, which has increased following substantial upfront concession fees and investment commitments financed largely through senior secured project finance debt at the concession level, alongside solid project-level cash flow generation and strong liquidity at the holding company level.
The stable outlook reflects the agency’s expectation that GEK TERNA will maintain solid operating performance as recently awarded concessions ramp up and the concessions portfolio expands, while preserving its current business mix and financial profile. Furthermore, the stable outlook incorporates the agency’s expectation that the group will maintain a strong liquidity position and a flexible dividend policy.
The rating could be upgraded if the group achieves a sustained improvement in its financial profile, including a reduction in consolidated indebtedness, while maintaining strong liquidity, ample headroom to project-level cash flow lock-up thresholds, and a prudent financial policy.
Conversely, downward pressure on the rating could arise from a weakening financial profile, a material deterioration in liquidity or financial buffers, including reduced headroom to project-level cash flow lock-up thresholds to the extent that it potentially limits dividend upstreaming to the holding company, a more aggressive financial policy, including large debt-funded acquisitions, or a material shift in the group’s business mix toward higher-risk activities.
Source: Moody’s
- NBG and Allianz SE announced that they have signed a Memorandum of Understanding setting out the intention for NBG to acquire a 30% minority equity stake in Allianz European Reliance (Allianz Greece) , subject to definitive agreements and receipt of customary regulatory approvals. The MoU also sets out the intention to enter into a long term exclusive bancassurance agreement between NBG and Allianz Greece for an initial term of 10 years, with an automatic 10-year extension subject to agreed conditions.
Source: Euronext Athens
- Eurobank’s net profit in 1Q26 stood at EUR 330.8mn compared to EUR 328.6mn in 4Q25(q-o-q) and EUR 314.1mn in 1Q25(y-o-y). The Bank’s NPE ratio remained stable at 2.9%. CAD and CET1 ratio (pro forma) stood at 20.4% and 15.4%.
The Bank’s CEO, Fokion Karavias, commented that despite a challenging environment, the Bank continues to deliver sustained performance and organic growth. He also noted that these results were achieved amid increasing uncertainty in the global economy due to developments in the Gulf region, with growth prospects both globally and regionally expected to be affected. However, Karavias added that all of the Bank’s core markets are expected to continue outperforming the eurozone growth rate.
Source: Euronext Athens
CYPRUS
Macro/Political:
- Fitch credit rating review of the Cyprus economy is scheduled to be released today. The Agency currently holds Cyprus at A-, outlook positive.
- In a written statement, government spokesman Mr. Konstantinos Letymbiotis stated that the visit of the President of Cyprus to the United Arab Emirates and his meeting with his counterpart had been completed during a critical period for the security and stability of the wider region. More significantly, he noted that relations between Cyprus and the UAE have, in recent years, acquired genuine strategic depth.
He further emphasized that today, relations between Cyprus and the UAE are at the highest level in their history. Cooperation on the humanitarian corridor “Amalthea,” the UAE’s contribution through the provision of mobile desalination units to Cyprus, the signing of a Strategic Agreement, and the historic visit of the UAE President to Cyprus constitute tangible evidence of the depth, dynamism, and prospects of this relationship.
In addition, during the meeting, the next milestones in bilateral cooperation were discussed, with emphasis on the Cyprus-UAE Joint Action Plan for the period 2026–2030. This constitutes a concrete roadmap for cooperation, featuring initiatives in the fields of trade, investment, energy, defence, shipping, infrastructure, tourism, culture, and education. Potential was identified in energy cooperation, as well as in the exchange of expertise on defence and security matters.
Source: gov.cy
- President Christodoulides and Turkish Cypriot leader Tufan Erhurman will meet today for a tete-a-tete meeting without the presence of the media or negotiators, as was the case during their previous meeting.
During their last meeting, the two leaders reviewed progress on confidence-building measures and agreed to make more specific announcements at their next meeting.
Source: PhileNews
