ECONOMY

S&P raises Cyprus long-term rating to B-, outlook stable

Standard & Poor’s raised its long-term sovereign debt rating on Cyprus to B- from CCC+ on Friday, saying the immediate risks to its debt repayments appeared to have receded.

“The stable outlook reflects our view of the implementation risks that remain as the end of the three-year European Commission, International Monetary Fund, and European Central Bank (“Troika”) program approaches, balanced against the upside potential we see coming from Cyprus’ economy,» S&P said in a statement.

[Reuters]