Ratings agency Standard & Poor’s on Wednesday upgraded the sovereign foreign credit rating on Cyprus to CCC-plus from selective default.
The move comes in the wake of the island’s1 billion euros debt exchange that is part of a financial adjustment program. On June 28, S&P said that the exchange should help alleviate strains on the nation’s financial liquidity and that after completion it would put the rating back up to CCC-plus.
The outlook on the credit is stable, S&P said in a statement
Source: Cyprus Mail
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