Standard and Poor’s rating agency upgraded Cyprus credit rating - TopicsExpress

Standard and Poor’s rating agency upgraded Cyprus credit rating to ‘B’ from ‘B-‘. The reason for that is that Cyprus economic performance in 2013 was better-than-expected. Meanwhile, Fitch Ratings has revised the outlook on Cyprus’s long-term currency Issuer Default Rating (IDR) to stable from negative and affirmed the IDR at ‘B-‘. While the long-term local currency IDR was upgraded by Fitch to ‘B-‘ from ‘CCC’. In his Twitter message the Minister of Finance of Cyprus, Harris Georgiades, said: “we remain down to earth and we continue the effort with confidence”.

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