Standard and Poor's affirmed Cyprus' long-term credit rating at BBB-, while maintaining a positive outlook, stressing that despite the Ukrainian crisis and the economic sanctions against Russia, the medium-term prospects for the Cypriot economy remain solid.
"While we expect the crisis in Ukraine to weigh on Cyprus' economic performance through sanctions imposed on Russia, an important economic partner (Cyprus), the medium-term economic outlook remains solid," S&Ps said, estimating that the average annual growth rate over the period 2023-2025 will be 3.2%.
It notes that while economic growth performance will be lower this year due to severe pressures in the Russian economy,
(CNA)
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