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 its foreign and local currency long-term sovereign credit ratings on the Republic of Cyprus to 'BB+' from 'BB' and has affirmed its 'B' foreign and local currency short-term sovereign credit ratings.
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.
Ratings agency Standard & Poor's has provided a welcome boost to the island's economy by raising its credit rating for Cyprus to B-/B from CCC plus/C arguing that the immediate risks to Cyprus' austerity program had receded.
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.
Moody's cut Cyprus government bond credit rating by three notches to Caa3 from B3 due to an increase in government debt and issued a warning that the country had a 50 per cent chance of default.
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.
International ratings agency Fitch has placed the Island's top three commercial banks on rating watch negative meaning that they could be downgraded in the near future as they remain highly sensitive to events in Greece.
Credit ratings agency Fitch has placed Belgium, Spain, Slovenia, Italy, Ireland and Cyprus on rating watch negative as it believes that a 'comprehensive solution' to the Eurozone crisis is technically and politically beyond reach.
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.
Fitch ratings agency has cut Cyprus' sovereign credit rating from AA- to A- and is warning of another possible downgrade because of its banking sector’s large exposure to debt-laden Greece.
Yesterday Moody's Investors Service downgraded Cyprus government bond ratings by two notches to A2 from Aa3, reflecting its view of the country's weakening medium-term credit fundamentals.
Moody's said the rating could be adjusted downwards prompted by a deterioration in fiscal metrics, competitiveness issues, and the banking sector's exposure to macroeconomic stress in Greece.
Rating agency Standard and Poor's downgraded Cyprus' sovereign credit rating by one notch and set the outlook as 'negative' as a result of increasing vulnerabilities in the Island’s banking system.
The long-term investment rating and prospects for Cyprus are also looking very shaky. On the 11th November, the influential Global Property Guide published its Country Investment Ratings for 69 locations around the world.
