Rating agency, Standard and Poor’s affirmed Cyprus long-term credit rating at BBB- maintaining a positive outlook, noting that despite the crisis in Ukraine and possible spilovers due to the sanctions against Russia, “medium-term economic prospects remain solid.”
“While we expect the crisis in Ukraine to weigh on Cyprus` economic performances via the sanctions imposed on Russia, an important economic partner, medium-term economic prospects remain solid, with growth expected to average 3.2% per year over 2023-2025,” the agency said.
Source: Cyprus News Agency