Commerzbank note that “the focus in tonight's rating reviews should be on Portugal and Greece.”

• “An upgrade of Greece to investment grade by DBRS would be a big step considering that the outlook is stable. It cannot be ruled out though with the smaller rating agencies probably eager to lead the larger peers.”
• “Normally this first IG rating from DBRS would restore collateral eligibility at the ECB. As the waiver was extended for as long as GGBs are reinvested under the PEPP and DBRS is not relevant for major indices, the upgrade would have no material consequences beyond sentiment.”