Cyprus got its investment credit worthiness back on Friday as Standard & Poor’s raised the country's credit rating from BB+ to BBB- with a stable outlook, five years after the financial collapse.
Ratings agency Standard & Poor's has raised Cyprus long-term ratings to 'B+' and affirmed the short-term foreign and local currency ratings at 'B' on strong budgetary performance; the outlook is stable.
Moody's ratings agency has raised its credit rating outlook for Cyprus to positive from negative, while confirming the island's Caa3 credit rating, citing a stronger than expected performance in 2013.
The EU has adopted a new directive aimed at creating a single market for mortgage credits in the EU, with a high degree of consumer protection that will come into force in all Member States in two years.
Ratings agency Fitch has downgraded the Republic of Cyprus' sovereign credit rating two notches on its belief that it may cost the government more to bailout the island's banking sector than previously anticipated.
Credit ratings agency Fitch downgraded the Island's credit rating to "junk" status earlier today due to the amount of rescue money needed to bail out its banks, which are heavily exposed to the Greek economy.
Yesterday Standard & Poor's downgraded Cyprus' long-term credit rating to BBB due to the banks exposure to the Greek debt, which it estimates to be 165 percent of the Island's Gross Domestic Product.
Following the announcement by Moody's on Wednesday, Standard & Poor's became the second agency to cut Cyprus' rating this week citing the government's indecision in introducing substantial consolidation measures.
