GREECE
Macro/Political:
- Fitch upgraded Greece’s rating to BBB from BBB-, with a stable outlook.
Fitch noted that the key rating drivers include the firm decline in public debt. It forecasts that gross general government debt-to-GDP will fall by 9 percentage points in 2025 to 145%, following a 10-point decline in 2024. The agency also highlighted Greece’s continued strong budget performance. Fitch expects a general government budget surplus close to 1% of GDP in 2025, similar to the strong performance in 2024 (1.3%), along with a primary surplus of 4.8%. Regarding modest fiscal easing, Fitch expects the 2026 budget to remain in surplus, despite the inclusion of some easing measures in the draft budget. Fitch also cited low financing risks, supported by Greece’s favourable debt profile, including a long average maturity of 19 years and concessional interest rates.
Additional positive factors include resilient economic growth and a strengthened banking sector.
Source: Fitch
- PDMA announced that Bond Auction scheduled for November 19 will not take place and that the bond issuance activity for 2025 is completed.
Source: PDMA
- Minister of Finance Kyriakos Pierrakakis said Greece is exploring bringing forward an early repayment of some of its bailout era loans. More specifically the Minister said “we already announced that we plan to repay the debt from the first bailout package of the first memorandum 10 years earlier, by 2031, and will even be exploring frontloaded that if its possible.
Source: Bloomberg
- The new US ambassador to Athens said Washington sees Greece as a rising energy hub crucial to countering Russian and Chinese influence, emphasizing that President Donald Trump sent her to deepen strategic cooperation in the region. As what they see for future of Greece and the US is Greece being an energy hub and showing this energy dominance that both countries can experience and work together cooperatively to achieve tremendous outcomes.
Source: ekathimerini.com
Markets:
- LAMDA Development raised EUR 500mn through the issuance of a 7-year bond at a yield of 3.80%. The total valid demand from investors that participated in the Public Offering was EUR 768.9mn, resulting in an oversubscription of the Issue by 1.54 times.
Source: athexgroup.gr
- DBRS upgraded Intralot’s credit rating to B(high) from B and maintained the positive trend following the company’s completion of the acquisition of Bally’s International Interactive business. The positive trend indicates the potential upside of the credit rating once the uncertainties of the UK gambling tax implications clear and the company builds track record of operating with the new management and the higher scale.
Source: DBRS
CYPRUS
Macro/Political:
- S&P revised Cyprus’ outlook to positive from stable and affirmed its A- credit ratings. The Agency cited the country’s continued fiscal improvement, with public debt falling and fiscal surpluses expected to average 3.3% of GDP over the next three years, bringing net government debt down to about 35% of GDP by 2028. S&P expects GDP growth to average 3% over 2025–2028, supported by strong services exports, resilient consumption, and investments backed by NGEU funds. Inflation has eased, while the banking sector continues to strengthen, with NPLs declining and domestic credit growth expected from 2025. Ratings could be revised downward if Cyprus faces an external shock affecting growth or public finances. Ratings could be raised if the country’s external debt continues to fall faster than anticipated, supported by sustained FDI inflows.
- According to preliminary data released by Cystat, Cyprus’ GDP growth rate in 3Q25 was 3.6% (y-o-y).
Source: Cystat
