Fitch upgrades Cypriot economy

Fitch Ratings has upgraded Cypruss Long-term foreign and local currency Issue Default Ratings (IDRs) by one notch to BB- from B+, it announced on Friday.

“The issue ratings on Cypruss senior unsecured foreign and local-currency bonds have also been upgraded to BB- from B+. The Outlooks on the long-term IDRs are Positive. The Country Ceiling has been upgraded to BBB- from BB+ and the short-term foreign and local currency IDRs have been affirmed at B,” it says in a press release.

According to the ratings agency “Cyprus is continuing to make strong progress in its adjustment following the 2013 banking crisis.”

“Its exit from the EU and IMF programme in March took place in a context of outperformance of fiscal and economic programme targets, success at lifting capital controls, and steps taken to restructure the banking sector,” it adds.

Source: Cyprus News Agency.