Cyprus Mail
Business Cyprus

Finance Minister satisfied with confirmation of Cyprus’ credit rating by DBRS

Finance Minister, Harris Georgiades, said on Sunday that the confirmation of Cyprus’ credit rating by Canadian rating agency DBRS was a positive development.

DBRS confirmed on Saturday Cyprus’s Long-Term Foreign and Local Currency at BBB (low) with a stable trend.

“We reached investment grade a few months ago, this positive rating has been confirmed and it’s obviously a positive development, it satisfies us but does not make us complacent because this effort must continue”, Georgiades told the media in Limassol.

“We still have a way to go”, the Minister said, adding that he would be concerned “if those who led us from the first moment to the economic collapse regained role and influence”.

DBRS said that the BBB (low) ratings “are supported by Cyprus’s solid budget position, its prudent public debt management framework, its Eurozone membership fostering sustainable macroeconomic policies, and its openness to investment encouraging a favourable business environment”. However, it stressed that risks to financial stability remained relatively high.

Related Posts

Innovation is slowly prising open UK banking, regulator says

Reuters News Service

Israel signs $3.4 bln submarines deal with Germany’s Thyssenkrupp

Reuters News Service

Turkish cenbank expects disinflation to start as it holds rates

Reuters News Service

Unilever’s strategy in spotlight after dropping $68 billion GSK battle

Reuters News Service

Restaurant review: Cliff Social All Day Project, Paphos

CM Guest Columnist

EU green lights €2m Cyprus state aid for tour operators

Staff Reporter