Fitch Ratings affirms Cyprus rating at `BBB-` with a Stable Outlook

Fitch Ratings has affirmed Cyprus`s Long-Term Foreign-Currency Issuer Default Rating (IDR) at `BBB-` with a Stable Outlook.

In a press release Fitch says that Cyprus`s rating balances its institutional strength reflected in per capita GDP and governance indicators in line with the `A` median rather than `BBB` and a track record of robust economic recovery and sound fiscal policy prior to the COVID-19 shock with balance sheet weaknesses, in particular, further increase in the high public debt and declining, but still elevated non-performing exposures (NPEs) in the banking sector.

Cypriot Minister of Finance Constantinos Petrides, in a press release points out that Fitch maintains the creditworthiness of the Republic of Cyprus in the investment grade with a stable outlook.


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from Cyprus News Agency
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