Fitch again raised Cyprus rating!

Fitch

The reputable rating agency Fitch has upgraded Cyprus’s rating to BB +, as the country’s economy has recently been showing steady growth and the conservative fiscal policy of the country played a small part. Due to this, the country is in one step from obtaining investment status, and the forecast for further development is quite positive. But there remains a threat to public finances from some of the weaknesses of the banking system.

According to Fitch’s forecast, Cyprus will maintain its surplus budget up to 2019 at just over 1% of GDP.

The agency believes that, in order for Cyprus to reduce the level of contingent debt, it is necessary to reduce the volume of non-served loans. Fitch also notes that there are currently no factors that could lead to a downgrade of the country’s rating, but nevertheless due to the inability to improve the quality of assets in the banking sector and the existing imbalance in the state budget, there may be some downgrading.

It should be noted that during the rating process, the agency did not take into account such factors as the possible start of privatization of various state assets and the positive effect of exploiting the gas fields that the country has.

Also, Fitch notes that after the end of Cypriot financial assistance program (March 2016), the country’s interaction with external financial markets has improved. Among other things, the government is actively attracting large foreign direct investment to implement projects in the areas of construction, tourism, energy, as well as education. In turn, cash reserves amount to more than one billion dollars (as at the end of 2017), which fully covers funding needs for 2108 years.

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