DBRS Ratings GmbH (DBRS Morningstar) upgraded the long-term foreign and local currency sovereign debt of the Republic of Cyprus from BBB (low) to BBB and changed the trend from Positive to Stable. At the same time, DBRS Morningstar upgraded the Republic of Cyprus' short-term Foreign and Local Currency Ratings from R-2 (Medium) to R-2 (High) and changed the outlook from Positive to Stable.
As stated in the DBRS Morningstar statement, the ratings upgrades reflect Cyprus' stronger-than-expected economic and public finance performance during 2021 and the company's expectation that medium-term conditions remain favorable to Cyprus' debt reduction efforts, despite the risks posed by Russia's invasion of Ukraine and the pandemic.
(CNA)
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