11 Sep Upgrade of Cyprus Long Term Rating
Posted at 18:44h
in News
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