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