By Stephen NakrosisS&P Global Ratings on Friday said it raised its long-term ratings on Cyprus to BBB+ from BBB with a positive outlook. S&P said its upgrade of Cyprus reflects progress the nation made to address fiscal imbalances as it experiences resilient growth. The positive outlook reflects upward pressure on the sovereign ratings, S&P said. The agency also said the strengthening financial position of the banking system should lead to greater convergence of domestic financing conditions to the broader euro area, with possible positive ratings implications. Although growth in Cyprus fell to 2.5% last year, S&P said it expects it to pick up and average 3% over 2024-2027.

Source: Wall Street Journal June 14, 2024 21:06 UTC