S&P Raises Cyprus Credit Rating to “Positive” as Economy Stabilizes

The US rating agency S&P has raised the credit rating for Cyprus to “positive” from “stable”. This means that the euro country can hope for a higher rating in the near future. The credit rating will initially remain at “BBB”, the agency announced on Friday. This means medium quality with a moderate risk of default. The country’s economy has continued to normalize since the financial crisis. The government is achieving budget surpluses again. In addition, non-performing loans have fallen significantly from their peak during the crisis.