S&P upgrades Cyprus' credit rating by one notch

0 Comment(s)Print E-mail Xinhua, September 3, 2022
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NICOSIA, Sept. 3 (Xinhua) -- U.S. rating agency Standard & Poor's has upgraded Cyprus' long-term credit rating by one notch to BBB from BBB- with a stable outlook, Minister of Finance Constantinos Petrides said in a statement on Saturday.

S&P said in a statement released late Friday night that the upgrade reflects the Cypriot economy's relatively strong performance over the past decade and expects it will continue.

S&P revised its forecast for the growth of Cyprus' gross domestic product (GDP) in 2022 to 4.5 percent from its previous projection of 2.7 percent.

It added that economic wealth levels in Cyprus will increase strongly through 2025, supported by the country's solid domestic demand and the ongoing recovery in the tourism sector. Enditem

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