Fitch raises Cyprus' credit rating to investment grade

NICOSIA, Cyprus — International agency Fitch has raised Cyprus' credit rating by one notch to BBB-, elevating the Mediterranean island nation back into investment grade more than five years after a financial crisis nearly drove it into bankruptcy.

Fitch said Friday that high fiscal surpluses above 2 percent of gross domestic product until 2020, coupled with robust economic growth reaching 4 percent and 3.9 percent of GDP this year and next respectively were key reasons for the rating upgrade.

The agency also cited steps taken to reduce the banking system's significant bad debt load including the Cyprus-based Hellenic Bank's takeover of the troubled Cooperative Bank. It also said the country's public debt will remain on a downward trajectory.

Standard & Poor's was first in lifting Cyprus back into investment grade last month.

You may also interested in

Asian stock markets mixed as investors wait for Fed cue

Aug 26, 2016

Asian stock markets were mixed Friday, with investors preferring to sit on the sidelines ahead of U.S. Federal Reserve Chairman Janet Yellen's speech for cues on the timing of the next policy rate hike

US economy grew at tepid 1.1 percent pace in spring

Aug 26, 2016

US economy grew at sluggish 1.1 percent annual pace in April-June quarter, slightly below earlier estimate

Stocks end mostly lower after Yellen speech

Aug 26, 2016

Stocks end mostly lower, giving up earlier gains after Fed Chair Yellen said the case for raising interest rates has strengthened

Broaden News

Manage The Numbers is the world’s fastest-growing finance news website, featuring the latest money and market news, along with in-depth analysis so you can make the best decision.

Contact us:

Subscribe to our newsletter!