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Commerzbank: DBRS-Related Tailwinds For GGBs Should Be Limited

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Commerzbank note that “the rating tailwind for Greece following the DBRS upgrade to IG should be limited. The ECB's waiver would have lasted anyway as long as GGBs are reinvested under the PEPP and DBRS is not relevant for major indices. Moody's is next (to update on Greece) on Friday, but the three-notch gap to investment grade is very unlikely to be bridged in one fell swoop.”

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Commerzbank note that “the rating tailwind for Greece following the DBRS upgrade to IG should be limited. The ECB's waiver would have lasted anyway as long as GGBs are reinvested under the PEPP and DBRS is not relevant for major indices. Moody's is next (to update on Greece) on Friday, but the three-notch gap to investment grade is very unlikely to be bridged in one fell swoop.”