Upgrade of Cyprus Long Term Rating

Upgrade of Cyprus Long Term Rating

Capital Intelligence Ratings, the international credit rating agency, has announced that it has upgraded the Republic of Cyprus’ Long–Term Foreign Currency Sovereign Rating to ‘BB’ from ‘BB-‘ and affirmed its Short–Term Foreign Currency Rating at ‘B’. At the same time, the Outlook for Cyprus’ ratings have been affirmed at ‘Positive’.

The ratings upgrade reflect the following factors:

  • Continued robust economic performance, with growth among the highest in the Eurozone and better than previously forecasted
  • Satisfactory government access to international capital markets and improved fiscal management
  • Improving conditions in the banking sector