Sunday, September 18, 2016
S&P raises rating of Cyprus due to continued economic growth
Global ratings agency Standard and Poor's raised its rating for Cyprus by a notch to BB from BB- on Friday, citing stronger than expected growth and declining government debt.
The agency forecast Cyprus's economy to expand by 2.7 percent in 2016, beating a March prediction as the eastern Mediterranean island emerges from a deep financial crisis.
The agency said Cyprus had benefited from "resilient business services, tourism, gradually reviving private consumption, and construction".
"We expect the Cypriot economy will continue to grow at about 2.5 percent in real terms in 2017-2019," it said.
The economy in Cyprus is continuing to improve. This improvement should also spill over to the banks specifically my investment in Bank of Cyprus.