S&P upgrade

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

 

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.