Standard & poor improves cyprus rating

Cyprus has taken a positive step forwards this month, as Standard & Poor improved the country’s credit rating.

Standard & Poor’s verdict improved from B- to C+++ last Friday, reports Cyprus Property News, the first time its rating has been upgraded in three years. Standard & Poors attributed the climb to falling risks to debt repayments on the island.

“The stable outlook reflects our view of the implementation risks that remain as the end of the three-year European Commission, International Monetary Fund, and European Central Bank program approaches, balanced against the upside potential we see coming from Cyprus’ economy,” read an official statement.