Cypriot bonds upgraded to BBB-

Cypriot bonds upgraded to BBB-

Government bond yields in Cyprus fell to their lowest since late March on Monday, following a decision by S&P Global to lift the country’s credit rating to investment grade territory.

S&P late on Friday lifted Cyprus’s rating to BBB- from BB+, citing brighter growth prospects and consolidation in the banking sector.

That upgrade makes Cyprus eligible for European Central Bank bond purchases.

The country has a sub-investment grade rating from Fitch and Moody’s.

The country on Monday mandated banks to sell a 10-year government bond in a move analysts said was aimed at taking advantage of the positive sentiment following the upgrade.


Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.