The economic recovery of Cyprus is gaining momentum, achieving growth for three consecutive quarters this year, which has led to investment immigration to Cyprus gradually heating up. The economic growth of Cyprus has received unanimous praise, with the European Commission raising its growth forecast for Cyprus this year and maintaining an optimistic outlook on the Cypriot economy; recently, the Canadian rating agency DBRS also announced an upgrade of Cyprus's rating.
According to the latest rating report released by the Canadian rating agency DBRS, the company has upgraded Cyprus's long-term foreign and local currency issuer rating from "B (low)" to "B", and has upgraded the country's short-term foreign and local currency issuer rating from "R-5" to "R-4". The outlook for all ratings is "stable".
DBRS believes that strong fiscal performance and signs of economic stabilization have helped Cyprus alleviate short-term concerns stemming from the aftermath of the financial crisis. Improvements in fiscal management, debt, and liquidity are the main drivers behind the upgrade of the country's rating.