Fitch Ratings upgraded on Friday Cyprus` long term foreign and local currency issuer default ratings (IDRs) to `B+` up from `B-` with a positive outlook. The international rating agency says in a press release that the issue ratings on Cyprus` senior unsecured foreign and local currency bonds have also been upgraded to `B+` from `B-`. The Country Ceiling has been raised to `BB+` from `BB-` and the Short-term foreign currency IDR has been affirmed at `B“, it adds.
Government welcomes Fitch upgrade
Government Spokesman Nikos Christodoulides has welcomed the double upgrading of the Cypriot economy by Fitch rating agency, stressing that the great effort must continue for full economic recovery.
“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.
He points out that this “development is the result of the collective effort on the part of the Government, the Parliament, the social partners but, mainly, of the Cypriot people.
(source: CNA)
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