Fitch Upgrades Cyprus’s Long-Term Foreign-Currency IDR to BB+ with a Positive Outlook

Fitch Ratings has upgraded Cyprus’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to BB+ from BB with a positive outlook. The rating is just one step before the investment scale.

Fitch said that future developments that may, individually or collectively, lead to an upgrade include the reduction in banking sector NPEs that materially reduces the sovereign’s contingent liabilities, a track record of declining GGGD/GDP ratio and continued deleveraging of the private sector.
(Source: CNA)