Jun 17, 2024
Cyprus upgraded to BBB+ by Fitch and Standard and Poor’s
Standard & Poor’s BBB+ upgrade
Standard & Poor’s, one of the Big Three credit rating agencies (the other two being Moody’s and Fitch Ratings), as one of the three nationally recognized statistical rating organizations, has raised on 14th June 2024 its long-term foreign and local currency sovereign credit ratings on the Republic of Cyprus to ‘BBB+’ from ‘BBB’. The outlook is positive. At the same time, the short-term foreign and local sovereign credit ratings at ‘A-2’ is affirmed, while the transfer and convertibility assessment remains at ‘AAA’.
President of the Republic of Cyprus, Nikos Christodoulides, stated that it is “the 5th upgrade in a row since taking over the governance of the country, that this time concerns Standard and Poor’s, which confirms the positive outlook of the Cypriot economy “. The President further added that “the government will continue with the same determination to implement the economic policy which allows it to effectively support the vulnerable groups of the population, strengthening, at the same time, both the middle class and businesses”.
Fitch BBB+ upgrade
Fitch Ratings, an international leading provider of credit ratings, commentary and research for global capital markets, has upgraded on 7th June 2024 Cyprus’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BBB+’ from ‘BBB’ with a Positive Outlook.
President Nikos Christodoulides stated: “The new upgrade by Fitch Ratings, which comes in addition to successive upgrades of the last 15 months, confirms the fact that the Cypriot economy is on a stable growth trajectory with a dynamic course. It is at the same time a vote of confidence in the Cypriot economy and recognition of the prudent policy we are following. With the same commitment and strategic planning, to implement policies based on the tripartite: fiscal responsibility, stable financial system and continuous reforms. Thanks to this positive course of the economy and the fiscal capacity of the state we can implement targeted interventions to support households, vulnerable groups of the population, the middle class and businesses.”
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