S&P Upgrades Cyprus After Capital Control Removal



sp2Rating agency Standard & Poor’s has upgraded its assessment of Cyprus to BB-, citing removal of capital controls and strong budgetary performance.

“In April 2015, Cyprus further strengthened its financial stability by removing capital controls without disruption in deposit flows. While we continue to view the banking sector’s asset quality as a key concern, the country’s economic and budgetary performance exceeds our expectations.

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