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Ratings agency’s upgrade welcomed

The government said on Saturday it was satisfied with the latest upgrade of the Cypriot economy by the ratings agency Standard & Poor`s.

Standard & Poor`s upgraded on Friday its assessment of Cyprus to BB.

In a press release the ratings agency said that it “has raised its foreign and local currency long-term sovereign credit ratings on the Republic of Cyprus to `BB` from `BB-`”. At the same time the ratings agency has affirmed its `B` foreign and local currency short-term sovereign credit ratings on Cyprus. The outlook is positive.

Deputy government spokesman Victoras Papadopoulos told the Cyprus News Agency on Saturday that “the government welcomes the upgrading of the credit worthiness of the Cypriot economy” which “brings the economy closer to the investment grade”.

“This new upgrade reflects the correct path being followed in matters relating to the economy and the sacrifices of the people of Cyprus. That is why we should remain focused on this path until we achieve our return to the investment grade,” he said.

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