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Rating agency Fitch has upgraded Cyprus’ long-term foreign currency rating

Rating agency Fitch has upgraded Cyprus’ long-term foreign currency rating from “BBB” to “BBB+”, noting that the outlook is positive.

Fitch’s announcement states, among other things, that the upgrade and positive outlook reflect the increased capacity of the Cypriot economy to face economic shocks, the government’s commitment to fiscal stability and the strengthening of the banking sector, which has the lowest non-performing loan ratio, since the beginning of the financial crisis in 2013.

Fitch adds that the debt ratio of households and companies, in relation to GDP, is now approaching the European average, while the primary surplus of GDP, which is expected to rise to 4.5%, is by far the highest in the eurozone.

Famagusta Gazette