According to comprehensive reports from Worldway Immigration: Based on the latest announcement from the renowned Canadian rating agency DBRS, the agency has upgraded Cyprus's long-term foreign and local currency issuer ratings by two notches from "CCC" to "B (low)," with a stable outlook. The short-term local and foreign currency issuer ratings remain unchanged at "R-5."
DBRS stated that this adjustment reflects the strong commitment of the Cypriot authorities to implementing the macroeconomic adjustment program, progress made in stabilizing the financial system, and an economy that is more robust than previously forecasted. These factors have mitigated the country's short-term default risk.
In the middle of this month, Cyprus returned to the bond market for financing after more than a year of receiving international bailouts, with strong investor demand for its five-year government bonds. The yield on the 750 million euro five-year government bond issued by Cyprus reached 4.85%, attracting approximately 2 billion euros in orders. The Cypriot Finance Minister stated that while they originally sought to raise 500 million euros, the strong demand led them to increase the total amount to 750 million euros.
