1、S&P Upgrades Cyprus's Long-Term Sovereign Debt Rating
The improvement in the fiscal situation of Cyprus has been recognized by relevant institutions, and the country's credit rating has been upgraded accordingly. On November 29, 2013, the international credit rating agency Standard & Poor's (S&P) upgraded its long-term sovereign debt rating for Cyprus. They believe that the emergency debt repayment crisis that Mediterranean countries faced some time ago has subsided significantly.
S&P raised the long-term sovereign credit rating of Cyprus from CCC+ to B- with a stable outlook, stating that the immediate risk of debt repayment has clearly receded. At the same time, S&P raised the short-term sovereign credit rating of Cyprus from C to B.
S&P stated in a press release, "The stable outlook reflects our view that the execution risks associated with the aid program from the European Union, the European Central Bank, and the International Monetary Fund (IMF) are balanced by the economic growth potential we see in Cyprus."
2、Cypriot Finance Minister Says the Country Has Exited the Danger Zone
According to news from Beijing on the early morning of December 4, Cypriot Finance Minister Harris Georgiades stated in an interview with CNBC that the situation in Cyprus is improving. Georgiades is responsible for guiding Cyprus out of its recent financial disaster.
Georgiades stated: "We have exited the danger zone, our situation is stabilizing, and we are gaining control of the situation. Of course, challenges remain, but I believe this is a factor that rating agencies are beginning to consider when re-evaluating our ratings."
3、Cypriot Senior Official Says More Chinese Investment is Welcome
George Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism of Cyprus, stated that Cyprus hopes to cooperate with Chinese companies in the energy industry and become a springboard for Chinese investors to enter the larger European market.
Lakkotrypis made these remarks in an exclusive interview with China Daily. At the end of October, he led a business delegation from the Cyprus Chamber of Commerce and Industry to visit China.
Lakkotrypis believes that both sides can achieve a win-win situation in natural gas exploration.
Lakkotrypis said: "China is a high-energy-consuming country, so Chinese companies will become major customers for our natural gas. Many Chinese companies have the expertise and experience in natural gas extraction, while we need investment from countries that can extract natural gas."
As early as 2011, the U.S.-Israeli joint venture Noble Energy announced the discovery of abundant natural gas in the Exclusive Economic Zone of Cyprus. The massive natural gas reserves and preferential policies have attracted many world-renowned companies to conduct oil and gas exploration, such as the French energy giant Total, the Italian Eni Group, and the Korea Gas Corporation.
He added: "However, we still have more abundant energy to offer Chinese investors. We hope to promote industrial modernization, and Chinese investors can participate in upstream exploration and production, midstream energy equipment supply, or various downstream business operations."
He said that Cyprus also hopes more Chinese investors will leverage its geographical location to enter broader markets. "The Chinese economy is growing rapidly, and it is a major trend for Chinese companies to reach out to more foreign markets. With its strategic geographical location, tax incentives, free trade zones, and a well-trained workforce, Cyprus will become a trusted business partner for Chinese investors."
Lakkotrypis said: "We have a better understanding of the European market, and our well-trained professionals can provide manufacturers with more creativity and high-quality products. Since we are a member of the European Union, the moment you step into Cyprus, you immediately gain access to a market of 27 countries with a total population of 500 million."
