The ATHENS STOCK EXCHANGE Tense

Subject:   Press: NBG’s new shares (post-split) to debut trading on Sep. 3. ü    According to  newmoney.gr , NBG’s new shares post the 1-to-10, split will debut trading on ATHEX on Sep. 3. ü    Accordingly, shares will be trading until August 28 (inclusive) with trading being temporarily suspended for 3 days, from Aug. 29 to Aug. 31. ü    We contacted the bank and we were advised that the aforementioned timetable seems correct but an official press release will be issued once the issue is fully resolved. ü    Recall that former press reports were mentioning that share will seize trading tomorrow with trading on new shares starting again on Aug. 28. This is no longer valid.

AAPL = 5 times GDP Greece

S&P  upgraded  Ellaktor’s  long-term credit rating to 'B' from 'B-' with a positive outlook. The upgrade reflects the improved macroeconomic and policy environment in Greece leading to further strong traffic growth in group’s mature toll road concessions, along with rising construction revenues and margins. S&P predicts group adjusted debt to EBITDA ratio to remain at 4.0x-5.0x over 2018-2020 from 6.5x at year-end 2016. The rating agency also notes that it waits for more details of new management’s reorganisation plan. 

Greece’s  Manufacturing   PMI  shaped at 53.5 units in July 2018 (unchanged from June), as output and new orders continue to rise strongly, while the rate of job creation accelerated. Accordingly, Greek manufacturers maintained a firmly optimistic outlook with regard to output growth over the coming year. On the negative side, input costs continued to rise at a sharp pace in July, posing a risk to new order growth going forward.

Greece has stabilized its economy and begun to grow. The authorities deserve credit for largely eliminating macroeconomic imbalances, including via a significant fiscal adjustment, and for many other reforms undertaken in recent years. Reflecting these efforts, European partners have provided significant support, most recently agreeing to a final loan disbursement under the ESM program and additional debt relief. However, as the country exits the program era in August, crisis legacies and an unfinished policy reform agenda in most areas weigh on Greece’s prospects. High public debt, weak bank balance sheets, reliance on capital controls and emergency liquidity assistance, and worrisome social indicators, including still-high unemployment, all weigh on growth and social cohesion. Fiscal adjustment has been sizable, but has relied on distortionary high tax rates on still-narrow bases and growth-detrimental discretionary spending cuts, and efforts to bring down tax and spending arrears h...

S&P has upgraded  OTE ’s long-term rating to ‘BB+’ from ‘BB’, maintaining its positive outlook that reflects the possibility of a one-notch upgrade over the next 12 months in the event of a sovereign upgrade. As OTE generates more than 70% of its revenues and more than 80% of its EBITDA in Greece, the rating upgrade reflects S&P’s upward revision of Greece's country risk on improving economic prospects and policy predictability.

  PPC’s  BoD will discuss the extension of the scope of the contract signed with QUALCO S.A. which was hired a few months ago with the purpose of assisting the utility to the collection of overdue bills.   The original agreement with Qualco included 100,000-120,000 customers with unpaid bills and if results were positive it would expand to approximately 2m customers. According to unofficial information, the original target for collection of EUR 50m within 2018 has been revised upwards to around EUR 150m.