Cyprus economy blooming following a 3 years’ drought

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Last Friday, Fitch upgraded Cyprus’ long term foreign and local currency issuer default rating exponentially to B+ from B- previously, with “a positive outlook” for further recovery in the future.
Following the recent government officials’ comments that Cyprus is finally on the track to recovery from the continual 3 years’ recession. Fitch announced the figure of the Cyprus long term foreign and local currency issuer default rating has been upgraded to a positive B+.

In addition to that, as stated in a press release, the international rating agency has also upgraded Cyprus’ senior unsecured local and foreign currency bonds from B- to B+. The country’s ceiling has been raised to BB+ (previously BB-) and the Short-term foreign currency IDR has been affirmed at a solid B rating.

In his written statement, the Government’s Spokesman Nikos Christodoulides, besides welcoming the pleasant news, did not neglect to stress the fact that, still, a great effort must continue until the full economic recovery of the state.

“The government welcomes the double upgrading of the financial and credit ability of our country by the Rating Agency, Fitch”, he says in a written statement, issued today.

– Nikos Christodoulides, Government Spokesman.

Finally, he wished to praise the collective effort on behalf of the Government, the Cypriot Parliament, the social partners but mostly the Cypriot people, which resulted from this felicitous economic development.