Wednesday September 3, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
S&P upgrades bailed-out Cyprus

Credit agency Standard and Poor’s raised its rating on Cyprus to B from B- on Friday, saying the Mediterranean nation was faring better than expected after last year’s tumultuous international bailout.

Cyprus was meeting terms set out by its foreign lenders and risks to its debt repayments were less, the ratings agency said.

It was Standard and Poor’s second upgrade of Cyprus since it came to the brink of financial collapse in March 2013, with a banking system crippled by its exposure to debt-laden Greece and no access to international capital markets.

It last upgraded Cyprus six months ago.

The upgrade did not alter Cyprus’s timetable on returning to financial markets, anticipated toward the end of 2015, the Cypriot finance minister said.

“Despite the continued recession... prospects are somewhat brighter than we had anticipated in our last review in November 2013,” Standard and Poor’s said.

The country had outperformed borrowers’ expectations with a shallower recession than anticipated and better fiscal performance, likely to be repeated this year, it said.

The agency however said that the possibility of tighter European Union sanctions on Russia, a close business partner and a major source of tourists, could temper the outlook.

Standard and Poor’s cut Russia’s credit rating on Friday.

Standard and Poor’s said it might raise Cyprus’s rating again within the next 12 months if it continued to comply with the measures outlined in a bailout plan agreed with the EU and the International Monetary Fund.

Separately, Fitch ratings revised its outlook on Cyprus to stable from negative on Friday, citing better-than-expected economic performance and progress in reform implementation.

[Reuters]

ekathimerini.com , Friday April 25, 2014 (18:23)  
Helexpo sell-off plan to be ready by mid-October
Maniatis talks energy with Washington’s man in Athens
Task force to examine cases of extreme taxation, customs issues
Hotels hike prices by 10 pct in H1 of 2014
Report points to suspicious clinic charges to EOPYY
A quarter of all the expenses submitted last year by private health clinics to EOPYY, the country’s largest healthcare provider, have been deemed suspicious and in need of further investigat...
New rector seeks to introduce ID checks at University of Athens
One day after his swearing-in ceremony was marred by protests against budget cuts and the expulsion of thousands of so-called eternal students, the new rector at the University of Athens, Th...
Inside News
Grateful Saviola thanks Olympiakos, joins Verona
Former Argentina international Javier Saviola has thanked Greek champions Olympiakos for the "beautiful moments" during his season-long stint in Greece as he left the club to join Serie A ou...
SOCCER
Greece defender Papadopoulos fires parting shot at Michel
International defender Avraam Papadopoulos suddenly quit Olympiakos on Monday to join Turkish club Trabzonspor, and fired a parting shot at Olympiakos manager Michel putting the blame on the...
Inside Sports
COMMENTARY
Politicized archaeology
Let us suppose that archaeologists discover that the tomb uncovered in Amphipolis was not the resting place of Roxana or Nearchos, but of Alexander the Great. Let us assume, that is, that ar...
EDITORIAL
Moderating expectations
Politics is, to a great extent, all about managing expectations, and anyone who raises that bar too high or too fast is at serious risk of disappointing and losing the people’s favor. In a c...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Helexpo sell-off plan to be ready by mid-October
2. Maniatis talks energy with Washington’s man in Athens
3. Task force to examine cases of extreme taxation, customs issues
4. Hotels hike prices by 10 pct in H1 of 2014
5. Pension system nears breaking point
6. Report points to suspicious clinic charges to EOPYY
more news
Today
This Week
1. Politicized archaeology
2. Rain and storms with hail expected in many parts of Greece
3. Reforms to dominate Greek talks in Paris, debt relief talks later, says source
4. New committee formed to assess progress of deregulation in closed-shop professions
5. Moderating expectations
6. Greece needs private debt overhaul, Piraeus Bank CEO says
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Strong undersea quake occurs off island of Milos, felt in Athens
4. Hardouvelis, ECB executive discuss bank program, stress tests
5. Greek quest for debt relief faces hurdles in Paris
6. Prospect of Greek grand prix back on the agenda; huge investment needed
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.