Credit rating agency S&P has upgraded the outlook of Cyprus’ economy from “stable” to “positive”, citing a “faster than expected” improvement in external debt ratios.
The island’s credit rating remains unchanged at “A-/A-2” for both long-term and short-term debt, with S&P saying the new, “positive” outlook “reflects the likelihood that Cyprus’ external position will outperform current projections over the next two years as external debt is de-escalated more rapidly”.
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