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Fitch upgrades Cyprus economy

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15-12-2016

Fitch upgrades Cyprus economy

Fitch Ratings has upgraded Cyprus`s Long-term foreign and local currency Issue Default Ratings (IDRs) by one notch to BB- from B+.

“The issue ratings on Cyprus`s 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. “The economic recovery, now into its second year, is supporting employment, bank asset quality adjustment, and public finances,” it points out.

Fitch is projecting “GDP growth of 2.9% in 2016 (from 1.9% projected a year earlier). It refers to the positive results of tourism and the drop recorded in unemployment. “For 2017-2018, GDP growth of around 2.5% will benefit from an expected increase in foreign direct investment” it says.
 

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