S&P upgrades Cyprus to BBB-

16 Sep 2018

The upgrade of Cyprus’ sovereign rating back to investment grade by Standard & Poor’s after rating it junk for more than six years justifies the efforts of the past five years, the government said on Saturday. Assigning it a BBB- rating on Friday, S&P also placed the outlook on stable as risks from high private and public debt offset “strong growth prospects”, the ratings agency said.

“The return after 6.5 years to investment grade is the strongest confirmation of the prudent management that we followed and continue to follow,” President Nicos Anastasiades tweeted.