IPS is home to 112 stocks, including spirits maker Diageo (NYSE: DEO ), which S&P has a four-star rating on. Cyprus is not even on par with Greece in terms of economic importance in the region, but a country's size rarely matters when it comes to the eurozone roiling global financial markets. "According to Rob Quinn, S&P Capital IQ's Chief European Investment Strategist, the key drivers of equity valuations in recent years have been excess liquidity, inflation expectations and the discount rate," said the research firm.