Credit rating agencies

Credit ratings agency Fitch revised Turkey's outlook from "negative" to "stable" on Nov 1 and affirmed its "BB-" rating.

Canada-based rating agency DBRS upgraded Greece's outlook from stable to positive on Friday, but stopped short of upgrading its credit rating from BB (low).

Therefore the country's rating remained three notches below the coveted investment grade, where DBRS had placed Greece in its previous review last May.

International rating agency Moody's on Thursday described Greece's planned early repayment of part of the loans issued by the International Monetary Fund as a "credit positive." Amounting to 2.7 billion euros, the payment was approved on Monday by the European Stability Mechanism (ESM).

Yields for the Greek 10-year benchmark bond fell to a record low of 1.268 percent on Tuesday, while the five-year benchmark bond also dropped to 0.51 percent.
The spread between the Greek 10-year bond and the German bund also stands at a new historic low since before 2004, at 165 basis points.

Expectations are growing that credit rating upgrades will be speeded up in the next few weeks, following the European Commission's approval of the Hercules plan to reduce bad loans, the government's pro-business reforms and the improvement of the Greek debt's profile following the strong bond rally.

The collapse of British tour operator Thomas Cook is "credit negative" for Greek and Cypriot banks because it reduces the cash flow of businesses in the tourism sectors of these countries, ratings agency Moody's said in a report on Thursday.

We will raise revenues by 10 percent next year in all areas, Prime Minister Boyko Borisov announced at the 12th Summer University of MGERB.

A Greek government decision to fully remove capital controls in the country from September 1, announced by Prime Minister Kyriakos Mitsotakis on August 26, is credit positive for the country's lenders, Moody's said in a report on Thursday.

In its latest report on Greece, credit rating agency Moody's says that the country's low birthrate, along with low investment and savings, casts a pall of uncertainty over economic growth prospects.
On the positive side, it notes that reforms are being accelerated and that the interest paid on debt servicing is low.

Citibank expects credit rating agency Moody's to keep its rating on Greece's debt steady at B1 while improving its outlook from stable to positive.
Moody's, along with Standard & Poor's, rates Greece's debt four levels below investment grade, while Fitch rates Greece a level above.