JP Morgan: The changes that a possible upgrade of the Greek Stock Exchange by FTSE will bring

JP Morgan in a special report discusses in detail the FTSE Russell announcements and the possible revision of Greece to a developed market. “FTSE Russell will add Greece for possible promotion from advanced emerging (EM) to developed markets (DM).

The UK house will provide a further update in March 2025 on Greece’s tracking progress in the context of the FTSE Equity Country Classification interim classification,” JPM said.

If Greece is upgraded to developed market status, JPM’s analysis team predicts that of the 33 companies that make up the FTSE Emerging Markets holdings, 29 will be eligible for inclusion in the new FTSE Developed Markets index.

Greece meets all 22 of the FTSE Quality of Matrix criteria required to qualify for developed market status and also meets the requirements for minimum investable market capitalisation, minimum number of securities, as well as the gross national income per capita criteria.

FTSE Russell maintains its credit rating as “speculative” based on the lowest sovereign credit rating assigned to Greece by the three major credit rating agencies. A credit rating of ‘investment grade’, with prospects not rated ‘negative’, is required for reclassification to developed market status. FTSE Russell is due to provide an update on Greece’s Watch status as part of the FTSE Equity Country Classification in a March 2025 interim update.

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