S&P upgrades Cyprus to BB+ with stable outlook citing stalled reforms

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S&P upgrades Cyprus to BB+ with stable outlook...
 © BusinessMail 2017
By Stelios Orphanides

Standard & Poor’s (S&P) said that it upgraded Cyprus’s sovereign rating to BB+ from BB which is still one notch below investment grade and placed it on stable outlook citing better than expected economic and fiscal performance.

“The stable outlook balances our view of Cyprus’s fiscal and economic progress against unusually high levels of nonperforming loans in its financial sector, alongside risks of weaker reform delivery ahead of next year’s presidential elections,” the rating company said in a statement on its website on Friday adding that it...


S&P upgrades Cyprus to BB+ with stable outlook citing stalled reforms


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