According to comprehensive reports from WorldWay, the 1106th issue of the Financial Mirror of Cyprus reported that two international rating agencies, Fitch and Standard & Poor's, have recently upgraded Cyprus's sovereign rating. Fitch raised the economic outlook from stable to positive, maintaining the long-term sovereign debt rating at "B-" and the short-term sovereign debt rating at "B," predicting a continued economic contraction of 0.8% in 2015. Standard & Poor's also recently upgraded Cyprus's long-term sovereign debt from "B" to "B+" while maintaining the short-term sovereign debt rating at "B" and the outlook stable.
Standard & Poor's gave a positive assessment of Cyprus's "strong" budget performance and its commitment to reforms following the Eurozone debt crisis.
Cyprus was severely indirectly affected during the previous Greek sovereign debt crisis, as its banking sector had excessive exposure to Greek economic risks and held a large amount of Greek government debt, ultimately being forced to accept external assistance.
In a report released on Friday, Standard & Poor's noted that the Cypriot economy has shown strong resilience compared to market expectations and predicted that the economy would "only" contract by about 3% in 2014.
The report indicated that the extent of economic contraction in Cyprus in 2013 was lower than the general market expectations, helping to partially restore the health of government finances. Based on this, Standard & Poor's upgraded Cyprus's credit rating from B to B+.
The report stated, "The upgrade reflects our judgment that Cyprus's economic and budget performance has been better than we previously expected over the past six months. The government's commitment to significant fiscal, financial, and structural reforms, along with assistance from EU partner countries to improve its debt situation, has supported the improvement in its performance."
The improvement in Cyprus's economy will provide a better living environment for immigrants, and the newly launched fast-track citizenship policy is attractive. The Cyprus passport program is a rare immigration opportunity, and investors with immigration plans are advised to seize the moment. WorldWay, as a leading investment immigration agency promoting the Cyprus project in China, has established its own independent customer service center in Europe and provides comprehensive property management and real estate management services for clients. For more immigration information, please inquire at 400-138-2929.
Edited by WorldWay
