Cyprus Mail

S&P revises outlook to positive, keeps B+ rating (Update-1)

Standard & Poor’s revised Cyprus’s outlook to positive from stable and maintained its long-term and short-term local currency sovereign rating at B+ and B respectively, citing an expected government debt reduction.

While Cyprus’s economic prospects remain uncertain, its fiscal consolidation progress was faster than it anticipate, which led to a substantial decline in the government’s debt to gross domestic ratio from 2014, S&P said in a statement yesterday.

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