S&P to move Greece, UAE, Qatar to “emerg­ing”

Financial Mirror (Cyprus) - - FRONT PAGE -

S&P Dow Jones will move Greek stocks into its emerg­ing in­dexes on Mon­day while for­mally re­mov­ing Qatar and the United Arab Emi­rates from fron­tier in­dexes and up­grad­ing them to emerg­ing mar­kets, after sim­i­lar moves by ri­val in­dex provider MSCI.

“This year’s ma­jor changes to the S&P Global BMI in­dices are the re­clas­si­fi­ca­tion of Greece to Emerg­ing sta­tus from De­vel­oped sta­tus, as well as the re­clas­si­fi­ca­tion of Qatar and UAE from Fron­tier sta­tus to Emerg­ing sta­tus,” S&P said in a state­ment.

MSCI moved Greece Sa­ma­ras told a week­end news­pa­per he is con­fi­dent the coun­try will not need a third bailout.

Greek 10-year bond yields dipped 3 ba­sis points to 5.70% at Mon­day’s open, while all other euro zone equiv­a­lents were flat or a touch higher.

“The up­grade by-and-large ex­pected, but it ex­plains the slight out­per­for­mance this morn­ing,” said Rainer Gun­ter­mann, a rates strate­gist at Com­merzbank.

Fitch raised Greece’s rat­ing to B in March and Moody’s up­graded it to ‘Caa1’ in Au­gust.

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