Credit rating agencies are set to release their assessments of the Greek and Cypriot economies.

Macro/Political:

• Moody’s credit rating review of the Greek economy is scheduled to be released today. The Agency currently holds Greece at Baa3, stable outlook.
  Source: Moody’s

• Greek Prime Minister Kyriakos Mitsotakis and Turkish President Recep Tayyip Erdogan are scheduled to meet in New York on Tuesday, September 23, on the sidelines of the UN General Assembly. The high-level talks follow weeks of diplomatic efforts aimed at easing recent tensions. The meeting comes after a spell of friction, marked by a Turkish Navtex (maritime advisory) regarding research activities by the vessel Piri Reis in the Aegean Sea. Although expectations for a major breakthrough remain modest, the discussions could help maintain a period of “calmer waters” in bilateral ties. Possible agenda items include the electricity interconnection project between Greece and Cyprus.
  Source: Bloomberg

• According to data from the SSM, Greek systemic banks continued to operate with one of the highest Net Interest Margins (NIM) in Europe during 2Q25. The average NIM of Greek systemic banks stood at 2.84%, the third highest in Europe, compared to the European average of 1.51%. This elevated margin positively impacted their earnings and helped them remain among the most profitable banks in Europe. It also supported their ability to raise capital, increasing their average CET1 ratio to 16.09% in 2Q25 nearly matching the European average of 16.12%.
  Source: Capital.gr

Markets:

• Intralot announced that it has signed, through an indirectly wholly owned subsidiary, a GBP 400mn (EUR 460mn equivalent) six-year senior secured term loan agreement with institutional lenders and secured €200mn in binding financing commitments for a four-year amortizing term loan from a consortium of Greek banks. The company intends to use the proceeds of this new term financing, as part of its permanent capital structure, to partly finance the acquisition of Bally’s International Interactive business and to repay certain existing indebtedness, with the closing of the financing subject to conditions precedent related to the acquisition and refinancing.
  Source: ATHEX

• OTE announced that it has signed binding agreements with Vodafone Romania S.A. and Digi Romania S.A. for the disposal of its 100% stake in Telekom Romania Mobile Communications, following the approval by the Romanian Competition Commission in July 2025. The combined enterprise value amounts to EUR 70mn and is subject to customary adjustments at Completion, such as net debt, working capital and other costs & expenses/provisions. Completion of the transaction is expected at the beginning of October 2025.

Macro/ Political:

• DBRS’ credit rating review of the Cypriot economy is scheduled to be released today. The Agency currently holds Cyprus at A (low), positive trend.
  Source: DBRS