S&P raises Cyprus rating

Standard and Poor’s has raised its rating on Cyprus from B- to B due to the fact that Cyprus is meeting the terms set  by the international lenders as well as the reduced risk on debt repayments.
This is the second positive upgrade of Cyprus within the past year and there could be a further rating raise within the next year if Cyprus continues to comply with the terms as set out by the EU and the International Monetary Fund.
Also, Fitch has revised its outlook on Cyprus to stable from negative due to the better than expected economic performance and progress Cyprus has shown.
Fitch rates Cyprus at B-, while Moody’s at Caa3.

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