DBRS upgrades Cyprus’ country-wide credit rating score to BB

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Globally recognised international credit rating agency DBRS, has upgraded Cyprus’s external and local currency issuer rating (long-term) from grade B to BB and amended the trend from “positive” to a “stable” rating. DBRS also confirmed the external and local currency issuer ratings for short term at R4 and upheld the “stable” trend. DBRS summarised that the upgrade is driven by Cyprus’ strong fiscal results over the past two years and a steady decrease of imbalances within the private sector. “The ratings reflect Cyprus’ solid financial performance in recent years” a spokesperson for the company stated.