DBRS

Bank stocks led the Greek bourse to a day of healthy gains, with the benchmark climbing above the 610-point mark, although daily turnover still left much to be desired. After Thursday's European Union summit, traders are anticipating Friday's verdict on the Greek economy by Standard & Poor's and DBRS Morningstar.

Citigroup anticipates multiple credit rating upgrades for Greece this year by the four main agencies (Moody's, Standard & Poor's, Fitch and DBRS Morningstar), estimating that the country will make four bond market forays to draw a total of 10 billion euros in 2020.

The credit-rating firm DBRS on Friday downgraded Greece’s issuer rating to CCC from B, citing a “further increase in uncertainty over whether Greece and its creditors will reach an agreement on a program that restores macroeconomic stability and improves Greece’s cash position.”

The negative news was followed by Fitch Ratings, which affirmed its CCC grade for the country.

Excluding Greek bonds from any European Central Bank quantitative easing program would be bad news for the country's recently upgraded credit rating, the main ratings agencies said.