Standard-and-Poors-buildi-007On the 3rd of July, the credit rating agency Standard & Poor’s (S & P) announced its decision to upgrade the long-term sovereign rating of Cyprus from selective default to CCC-plus, in both foreign and national currency. On Friday, the agency ‘Fitch’ publicised this decision, which was made after the Government of Cyprus announced on July 1 the successful completion of bond swapping, thus ‘settling the event of default.’ ‘The Governing Council of the ECB takes into account the increase in the credit ratings of the Republic of Cyprus after the successful completion of the transaction on July 1, previously announced by the Ministry of Finance, – and said in a statement of the European Financial Regulator. In light of the recent ratings changes, the governing council has decided that the debt instruments issued or fully guaranteed by the Government of Cyprus, may again be accepted as collateral for Eurosystem monetary operations. ‘ Having upgraded the ratings of Cyprus, the analysts of the agency Standard & Poor’s indicate the country’s ability to repay its debts in full within the specified time frame. The voluntary exchange of government bonds takes place in Cyprus, in the total nominal value of one billion Euros. Their term of repayment -2016. Securities are replaced by new ones, with increased maturity of up to 10 years.