Filenews 8 June 2024
Fitch Ratings upgraded the credit rating of Cyprus' economy to "BBB+" from "BBB".
As stated in a post by the Ministry of Finance, Fitch proceeded with the upgrade for the following factors:
-Improved credit metrics
-Reduced banking sector risks
-Strong fiscal performance
-Reduced public debt
The statement of the President of the Republic on the upgrade
The new upgrade of the Cypriot economy by Fitch Ratings, which comes in addition to the successive upgrades of the last 15 months, confirms the fact that the Cypriot economy is on a steady growth trajectory with a dynamic course. It is both a vote of confidence in the Cypriot economy and a recognition of the prudent policy we are pursuing.
Responsibly and away from populist approaches, we will continue, with the same dedication and strategic planning, to implement policies based on the triptych: fiscal responsibility, stable financial system and continuous reforms.
Thanks to this positive course of the economy and the fiscal capacity of the state, we can implement targeted interventions to support households, vulnerable groups of the population, the middle class and businesses.
