S&P raises credit outlook of Cyprus to BB- from B+Staff writer ▼ | September 28, 2015
Standard and Poor's raised the long-term foreign and local currency sovereign credit ratings of bailed-out Cyprus to "BB-" from "B+" with a positive outlook, citing economic stability and the removal of capital controls.
Rating Cyprus performed beyond estimates
Cyprus was pulled back from the brink of economic meltdown in March 2013, in a three-year 10-billion-euro ($11.2 billion) economic adjustment program.
The eastern Mediterranean islands performed beyond estimates by its lenders, despite a parallel resolution of the banking system which involved the world's first bail-in: the recapitalization of its largest lender by turning 47.5 percent of large deposits into stock.
The ministry of finance has said it expects the economy to return to a growth of over 1 percent this year after three years of contraction.
It also has said Cyprus will exit its bailout program in March next year, though it will continue applying reform measures. ■