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Fitch upgrades Cyprus’ long-term credit rating
March 13, 2023
Fitch Ratings has upgraded Cyprus’ long-term credit rating by one notch to ‘BBB’ with a stable outlook, citing outperformance of fiscal balance and growth rate.
According to the international rating agency, this was because the Cyprus economy showed resilience from the external shock caused by the war in Ukraine.
Referring to the recent election of a new Cypriot government, the agency said “we do not expect a substantial change in the broad direction of economic policy under the new administration”.
It said the local economy has shown a degree of resilience to the external shocks brought about by the war in Ukraine, with real GDP expanding by 5.6% in 2022, above its forecast of 4.7% growth issued last September.