Fitch Ratings upgraded Cyprus's long-term foreign and local currency issuer default rating by two points to B+ and placed it on positive outlook citing a fiscal "over-performance"Â an expected declining trend of government debt, the implementation of cash-for-reforms programme including the foreclosure law and faster economic recovery.
The rating company reported that after achieving "an almost balanced budget" in 2014 in comparison to a fiscal shortfall of 8.5 per cent of gross domestic product as proposed by Fitch, the government continued the positive momentum this year too. Cyprus balance remained in surplus up until the end of July.
Source: Cyprus Business Mail
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