S&P's decision contains significant positive points for the Cypriot economy, despite the difficulties created by the wider geopolitical conditions, and shows their confidence in the economy's potential to cope with the challenges it faces, the Ministry of Finance said in a statement.
On the occasion of Cyprus' credit rating by the agency, the Ministry of Finance said that the further improvement of public finances and the ongoing consolidation of the banking sector are expected to lead to further upgrades of the Cypriot economy's credit rating.
It reports that S&P affirmed the Republic of Cyprus' credit rating at investment grade ("BBB-") as well as the positive outlook in which it had classified the Cypriot economy on (3) September 2021,
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