By Famagusta Gazette,Morningstar Dbrs
Copyright famagusta-gazette
Cyprus has received a fresh vote of confidence in its economy, as Morningstar DBRS upgraded the country’s long-term foreign and local currency credit rating from A (low) to A. The agency also revised Cyprus’s outlook from “Positive” to “Stable.”
The short-term rating for both foreign and local currency debt was reaffirmed at R-1 (low), with all short-term assessments remaining stable.
According to Morningstar DBRS, the upgrade reflects a significant reduction in public debt over recent years and the expectation that key debt indicators will continue to improve in the coming years.
President Nikos Christodoulides, speaking to investors and business leaders in Canada, welcomed the announcement, calling it “another sign of Cyprus’s rising creditworthiness and the growing resilience of its economy.”
Government Spokesperson Konstantinos Letymbiotis added that the upgrade joins a series of consecutive rating improvements from all major international agencies, underscoring continued confidence in Cyprus’s fiscal trajectory.
