Rogers Media uses cookies for personalization, to customize its online advertisements, and for other purposes. Learn more or change your cookie preferences. Rogers Media supports the Digital Advertising Alliance principles. By continuing to use our service, you agree to our use of cookies.
We use cookies (why?) You can change cookie preferences. Continued site use signifies consent.
Standard & Poor’s upgrades Cyprus 1 notch to B on better than expected economic performance
The Associated Press
NICOSIA, Cyprus – Credit rating agency Standard & Poor’s is more upbeat about Cyprus’ public finances following a better-than-expected performance since the country’s financial rescue a year ago.
The agency upgraded Cyprus’ rating by one notch to B and said the outlook remains positive, which could augur further upgrades in the next year.
It said a resilient Cypriot economy hasn’t shrunk as much as anticipated and that the government is meeting all the fiscal targets set out in its bailout deal with other eurozone countries and the International Monetary Fund.
The agency said Friday that risks to financial stability remain, mainly related to a banking sector that is hobbled by many bad loans.
The bailout crushed Cyprus’ banking sector after sanctioning a grab of uninsured savings in its two largest banks.
