Nicosia welcomes the double downgrade of the Cyprus economy by Fitch
The Cypriot government, in a statement by the representative of Nikos Christodoulides welcomes dual credit rating upgrade of the Cyprus economy by Fitch rating agency. The rating agency Fitch upgraded the solvency of Cyprus by two notches from B to B + with a positive outlook, noting the positive fiscal path and return to growth. He also upgraded the country ceiling at BB + from BB- and confirmed the evaluation of short-term borrowing in foreign currency to B.
This development, government spokesman, is the result of a collective effort of the government, the parliament, social partners and above all the people of Cyprus. The prudent and consistent economic policy and the effort to reform and modernization, he noted, brings results and is recognized internationally.
"This great effort must continue with the same perseverance and commitment to the full restoration of the economy for the benefit always of the citizens," he concluded. Christodoulides.
The rating agency Fitch in a report says that the upgrade reflects the fiscal consolidation exceeds targets. The deficit in 2015 is estimated to decrease to 1% and there are surpluses of 0.2% in 2016 and 1% in 2017. Also, the agency expects a gradual reduction of the public debt to 100% by 2017 by 108% this year.
The Cypriot government, in a statement by the representative of Nikos Christodoulides welcomes dual credit rating upgrade of the Cyprus economy by Fitch rating agency. The rating agency Fitch upgraded the solvency of Cyprus by two notches from B to B + with a positive outlook, noting the positive fiscal path and return to growth. He also upgraded the country ceiling at BB + from BB- and confirmed the evaluation of short-term borrowing in foreign currency to B.
This development, government spokesman, is the result of a collective effort of the government, the parliament, social partners and above all the people of Cyprus. The prudent and consistent economic policy and the effort to reform and modernization, he noted, brings results and is recognized internationally.
"This great effort must continue with the same perseverance and commitment to the full restoration of the economy for the benefit always of the citizens," he concluded. Christodoulides.
The rating agency Fitch in a report says that the upgrade reflects the fiscal consolidation exceeds targets. The deficit in 2015 is estimated to decrease to 1% and there are surpluses of 0.2% in 2016 and 1% in 2017. Also, the agency expects a gradual reduction of the public debt to 100% by 2017 by 108% this year.
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