Nicosia:The Finance Minister of Cyprus, Makis Keravnos, has expressed satisfaction following the news that Fitch Ratings has upgraded the Republic of Cyprus's credit rating from 'A-' to 'A'. This upgrade, announced on November 6, represents a significant milestone for the country's economic policy, with the outlook revised from positive to stable.

According to Cyprus News Agency, the Finance Minister described the upgrade as a continuation of a series of successive improvements in Cyprus's credit rating. He emphasized that these enhancements reflect the confidence international rating agencies have in the government's economic strategies.

Keravnos highlighted that the upgraded rating not only strengthens the creditworthiness of the Cypriot economy but also showcases its dynamism and resilience amidst global geopolitical uncertainties. The minister attributed this resilience to the government's prudent and forward-looking economic policies, which aim to maintain fiscal stability and foster sustainable growth.

The Ministry of Finance further commented that this upgrade is part of a series of positive adjustments over the last 18 months, signifying the ongoing momentum and fiscal improvements in the Cypriot economy. The Ministry noted that Fitch's decision was based on several factors, including positive fiscal performance projections for 2026 through 2028, rapid debt reduction, lower interest spending, continued economic growth, and stability in the banking sector. Additionally, unemployment is expected to hover around 4%, and price pressures are anticipated to ease in the coming years.