Nicosia: Finance Minister Makis Keravnos welcomed the latest S and P Global Ratings assessment, attributing the improved outlook to fiscal discipline, the resilience of the Cypriot economy and the continued reduction of public debt. ‘I am once again in the very pleasant position of welcoming another important credit rating report for the Republic of Cyprus by Standard and Poor’s, through which the international agency not only confirms the credit rating of the Cypriot economy at the highest investment grade, ‘A-‘, but also upgrades its outlook from stable to positive,’ he said.
According to Cyprus News Agency, he expressed his satisfaction that Standard and Poor’s based its assessment on the strong resilience of the Cypriot economy, its positive fiscal and macroeconomic performance, and the ongoing reduction of public debt. This, he noted, ‘demonstrates the confidence that the major rating agencies with which the Republic of Cyprus maintains a contractual relationship show in the government’s economic policy.’
He added that the revision of the outlook to positive mainly reflects the potential for further upgrades of Cyprus’s investment-grade rating in future assessments, as continued fiscal consolidation and strong fiscal surpluses are expected to bring net public debt down to 35% of GDP by 2028.
‘The consistent positive assessments of the credibility of the Cypriot economy by all major agencies in recent years reflect not only the creditworthiness of the Republic of Cyprus in international markets, but also the dynamism of the Cypriot economy in an environment of heightened geopolitical risks, as a result of the government’s sound and rational economic policies, based on fiscal discipline and growth-oriented practices,’ the Minister stressed.
He concluded by emphasising that the government will continue to pursue an economic policy aimed at steady and sustainable growth, grounded in fiscal discipline and financial stability, while focusing on initiatives that support citizens – particularly vulnerable groups – through targeted economic measures.