Euronext Athens large caps: credit ratings versus the sovereign and attributed analyst target prices

How to read this note#

This note sets out two reference datasets for the 22 largest companies traded on the Main Market of Euronext Athens by market capitalisation at the close of Friday 23 October 2026:

1. Public credit ratings assigned by international rating agencies (S&P Global Ratings, Moody's Ratings, Fitch Ratings, Scope Ratings and Morningstar DBRS) and the Greek domestic agency ICAP CRIF Ratings, compared against the sovereign credit ratings of the Hellenic Republic (and the Republic of Cyprus for Bank of Cyprus).
2. Attributed third-party equity analyst target prices published by named brokerage firms and investment banks in 2026, shown alongside each company's official closing share price on 23 October 2026 from the Euronext Athens Daily Official List (PDF).

Informational only — not investment advice. investmentradar.gr publishes no credit rating, valuation, target price or recommendation of its own. All credit ratings and analyst target prices below are the opinions and projections of the named third-party institutions on the dates cited, are subject to change without notice, and do not constitute investment, tax or legal advice or a solicitation to buy, hold or sell any security.

Sovereign benchmarks (Greece and Cyprus)#

Credit rating agencies assess non-financial corporates and banks against the macroeconomic, institutional and sovereign ceiling of their home jurisdiction, though multinational groups, export-oriented issuers, regulated infrastructure operators with strong standalone balance sheets, and bank deposit ratings with bail-in buffers can be rated above the sovereign.

On all international scales except Moody's, the investment-grade threshold is BBB- (or BBB (low) for DBRS); on Moody's scale it is Baa3.

Summary: corporate credit tiers vs the Greek sovereign#

Across the 22 largest companies on Euronext Athens (representing €163.98bn, or 87.3% of total Main Market capitalisation of €187.84bn on 23 October 2026):

• Rated above the Greek sovereign (BBB S&P / Baa3 Moody's / BBB Fitch) by at least one agency (8 issuers):
  • Non-financial corporates above the sovereign across their international ratings (3): OTE (A- Stable at S&P, two notches above the Greek sovereign), Coca-Cola HBC (BBB+ Stable at S&P; Baa1 Stable at Moody's) and Athens International Airport (AIA) (BBB+ Stable at S&P; Baa1 Stable at Moody's).
  • Banks rated above the Greek sovereign on Moody's deposit/senior scale or Cypriot sovereign base (5): Bank of Cyprus (A3 Positive deposit rating at Moody's; A- deposit rating and BBB Stable IDR at Fitch; BBB- Positive at S&P), Eurobank (Baa1 Stable at Moody's; BBB (high) Stable at DBRS; BBB Stable at Fitch; BBB- Positive at S&P), National Bank of Greece (Baa1 Stable at Moody's; BBB+ Stable at Scope; BBB Stable at Fitch; BBB- Positive at S&P), Piraeus Bank (Baa1 Positive deposit rating at Moody's; BBB- Positive at Fitch; BBB- Stable at S&P) and Alpha Bank (Baa1 Positive deposit rating at Moody's; BBB Stable at Scope).
• Rated at or within one notch of the sovereign inside investment grade (BBB- / Baa3) (2 issuers): GEK Terna (BBB- Stable at S&P; Baa3 Stable at Moody's) and Titan S.A. (BBB- Stable at S&P after its October 2026 upgrade; BB+ Positive at Fitch).
• Rated sub-investment grade (BB+ to BB / Ba1–Ba2) on international scales (4 issuers): Metlen Energy & Metals (BB+ Stable at S&P and Fitch), Optima bank (Ba1 Stable deposit / Ba2 Stable issuer at Moody's), Allwyn AG / OPAP (BB Stable at S&P and Fitch; Ba2 Stable at Moody's for Allwyn International; AA domestic rating at ICAP CRIF for OPAP S.A.) and Public Power Corporation (PPC) (BB Stable at S&P and Fitch, following upgrades by both agencies in June and July 2026).
• No public international credit rating from S&P, Moody's or Fitch (8 large caps): HELLENiQ Energy and Aegean Airlines hold solicited domestic credit ratings from ICAP CRIF (assigned April and July 2026 respectively) and have unrated retail bonds traded on ATHEX; Motor Oil and Lamda Development have unrated bonds traded on ATHEX/international markets; Cenergy Holdings, Viohalco, Jumbo (net-cash balance sheet), Star Bulk Carriers and AKTOR Group operate through bank/project facilities or net-cash positions without a public international agency rating.

Credit ratings of the 22 largest Euronext Athens companies#

Companies are ordered by Main Market capitalisation at the close on Friday 23 October 2026 (Daily Official List, PDF). Unless noted as a bank deposit rating, ratings refer to long-term issuer / senior unsecured credit ratings.

(Note: Table includes the 22 largest Main Market issuers plus Aegean Airlines at #23 to cover all benchmark non-financial constituents regularly tracked alongside the FTSE/Athex Large Cap cohort.)

Key 2026 corporate rating developments#

• OTE upgraded to A- by S&P (3 June 2026). S&P raised OTE's long-term issuer credit rating by one notch from BBB+ to A- with a stable outlook, following the upgrade of controlling shareholder Deutsche Telekom AG (A-/Stable) and reflecting OTE's low leverage (adjusted net debt to EBITDA(AL) of 0.3x at 30 June 2026) and the improved Greek sovereign environment (OTE H1 2026 Financial Report, p. 5 & p. 22).
• Athens International Airport assigned inaugural BBB+ / Baa1 ratings (18 June 2026). Both S&P (BBB+, Stable) and Moody's (Baa1, Stable) assigned first-time investment-grade ratings to AIA above the Greek sovereign, citing its regulated air-activities return framework and net-cash/low-leverage profile ahead of its 40-million-passenger expansion programme (AIA exchange announcement, 18 Jun 2026).
• GEK Terna assigned inaugural investment-grade ratings (BBB- / Baa3, May & October 2026). Both S&P (BBB-, Stable) and Moody's (Baa3, Stable) initiated coverage of GEK Terna in May 2026 at investment grade and assigned matching ratings to its new Euro Medium Term Note (EMTN) programme on 16 October 2026 (GEK Terna exchange announcement, 16 Oct 2026).
• Titan S.A. upgraded to BBB- by S&P (October 2026). S&P upgraded Titan S.A. to BBB- (Stable) from BB+ (Positive), returning the group to investment grade on S&P's scale (Titan Credit Rating IR). On 21 October 2026 Titan Global Finance priced a €150m tap of its 3.500% notes due 2031, taking the series to €500m, with settlement scheduled for 26 October (Titan release, PDF; see the deals tracker).
• Greek systemic banks upgraded by Fitch (1 July 2026) and reviewed by Moody's (September 2026). Fitch upgraded Eurobank and NBG to BBB (Stable) — matching the Greek sovereign — and Piraeus Bank to BBB- (Positive) on 1 July 2026. On Moody's deposit and senior unsecured scales, all four systemic banks (Eurobank, NBG, Piraeus and Alpha) sit at Baa1, two notches above Greece's Baa3 sovereign rating, with Piraeus and Alpha carrying Positive outlooks following Moody's late-September 2026 actions.
• PPC upgraded to BB by both S&P (18 June 2026) and Fitch (24 July 2026). Both agencies lifted Public Power Corporation by one notch to BB with a stable outlook as lignite phase-out nears completion at end-2026 and renewables and grid investments expand (PPC IR).

Attributed analyst target prices and 23 October 2026 closing prices#

The table below pairs each company's official closing price on Friday 23 October 2026 (Euronext Athens Daily Official List, PDF) with attributed, dated equity analyst target prices published by third-party brokerages and investment banks in 2026.

Important notice on target prices: Analyst target prices are 12-month valuation estimates prepared by third-party brokerage research departments under their own models and assumptions (such as discounted cash flow, sum-of-the-parts or peer multiples) on the date of each report. investmentradar.gr does not endorse, adjust, average or rank these figures, does not use buy/sell/overweight recommendation labels in its own voice, and presents them solely as a factual record of published institutional research.

(Note: Star Bulk Carriers Corp., dual-listed on Nasdaq and Euronext Athens since 15 September 2026 with a 23 October Athens close of €26.40, is covered primarily by US shipping analysts in USD on Nasdaq rather than EUR-denominated Athens broker notes; see the 2026 listings note.)

Related#

• S&P affirms Greece at BBB with a stable outlook (23 Oct 2026)
• Euronext Athens in 2026: developed-market status and shipping listings
• Forecasts and outlook tracker: official projections for Greece and Cyprus
• Deals and transactions tracker: Greece and Cyprus
• Greek macro snapshot, October 2026

Sources#

• Exchange & Sovereign: Euronext Athens Daily Official List, 23 Oct 2026 (PDF); Public Debt Management Agency (PDMA) — Greece Credit Ratings; S&P Global Ratings — Regulatory Press Releases (23 Oct 2026).
• Corporate Credit Rating Disclosures: Coca-Cola HBC Debt Investors; Eurobank €10bn EMTN Offering Circular, 20 Oct 2026 (PDF); National Bank of Greece Credit Ratings; Public Power Corporation Rating Agencies; Piraeus Group Credit Ratings; OPAP Credit Ratings; Fitch Ratings — Allwyn AG; Alpha Bank Credit Ratings; Scope Ratings — Alpha Bank BBB Stable (23 Jun 2026); Fitch Ratings — Alpha Bank S.A.; OTE Six-Months Financial Report H1 2026 (PDF); Fitch Ratings — Metlen Energy & Metals S.A.; GEK Terna ATHEX Announcement on S&P and Moody's EMTN Ratings, 16 Oct 2026 (PDF); Bank of Cyprus Credit Ratings; Athens International Airport ATHEX Announcement on S&P and Moody's Ratings, 18 Jun 2026 (PDF); Titan Materials Credit Rating; Fitch Ratings — Titan S.A.; Optima bank Credit Rating; ICAP CRIF solicited rating assignments.
• Attributed Broker Target Price Reports (as reported by Greek financial press): Dnews — Santander on GEK Terna (23 Oct 2026); Newmoney — CrediaPantelakis on Greek banks (21 Oct 2026); Euro2day — Morgan Stanley on Greek banks (21 Oct 2026); OT.gr — Eurobank Equities on Cenergy (21 Oct 2026); Mononews — Piraeus Securities on Motor Oil & HELLENiQ Energy (20 Oct 2026); OT.gr — Solidus on Metlen (19 Oct 2026); OT.gr — Euroxx on AKTOR (16 Oct 2026); Newmoney — Alpha Finance–AXIA Greece strategy (15 Oct 2026); Newmoney — Eurobank Equities on Greek banks (14 Oct 2026); OT.gr — Optima Bank on OTE (13 Oct 2026); Mononews — Eurobank Equities on AIA (13 Oct 2026); OT.gr — Eurobank Equities on Coca-Cola HBC (12 Oct 2026); OT.gr — Piraeus Securities on Viohalco (5 Oct 2026); OT.gr — Citi on Allwyn (30 Sep 2026); Newmoney — Eurobank Equities on Allwyn (28 Sep 2026); Mikrometoxos — UBS, Wood & Co, Chryssochoidis notes (12 Aug 2026); Newmoney — Pantelakis on Lamda Development (6 May 2026); Business Daily — Alpha Finance–AXIA on Aegean Airlines (13 Mar 2026); Powergame — Alpha Finance–AXIA on Lamda Development (3 Mar 2026); Newmoney — Alpha Finance–AXIA 2026 outlook and top picks (18 Feb 2026).