Cyprus Mail
In Brief Investment Watch

Positive outlook but NPLs a concern says S&P

Standard & Poor’s has affirmed Cyprus’s BB+ sovereign credit rating and kept its outlook on positive citing the risks the economy faces from the banks’ non-performing loans (NPLs) whose reduction was not “discernible”.

“Cyprus’ economic recovery continues unabated, allowing for a reduction in general government debt,” the rating company said in a statement on its website on Friday. “The impaired banking system still remains an important vulnerability, however”.

Should “the economy’s external debt metrics improve further, particularly via a decline in its short-term debt burden,” and “the economic recovery and direction of macroeconomic policy provides impetus for further meaningful general government and private sector debt reduction,” the rating agency said it would give Cyprus an investment grade rating.

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