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Fitch upgrades bailed-out Cyprus on meeting budget targets

October 23, 2015

NICOSIA, Cyprus (AP) — Ratings agency Fitch has upgraded Cyprus’ government debt rating by two notches to B+ as the bailed-out country has done well to meet or exceed budget targets and a better-than-expected public debt.

Fitch also gave Cyprus a positive outlook, meaning it could again upgrade the country if it continues to stick to reforms, keeps its books balanced and follows through on bringing down the number of bad bank loans which amount to almost half of all loans.

Fitch said Friday that Cyprus’ economy will grow by 1.5 percent of gross domestic product, up from an earlier projection of a 0.8 percent contraction.

The agency said Cyprus is expected to make another foray into the international markets with a eurobond issue before the end of the year.

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