Fitch upgrades Cyprus to “B+”

Fitch Ratings upgraded on Friday 23 October Cyprus` long term foreign and local currency issuer default ratings (IDRs) to B+, up from B-, with a positive outlook.

The international rating agency said in a press release that the issue ratings on Cyprus` senior unsecured foreign and local currency bonds have also been upgraded to B+ from B-.

The Country Ceiling has been raised to BB+ from BB- and the Short-term foreign currency IDR has been affirmed at B, it added.

The Cyprus Government welcomed the double upgrading of the Cypriot economy by Fitch, stressing that “the great effort” should continue for full economic recovery.

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