S&P upgrades Cyprus

S&P said it raised its long- and short-term foreign and local currency sovereign credit ratings on Cyprus to BBB-/A-3 from BB+/B.

The outlook is stable.

“The Cypriot authorities have carved out the bad assets of the country's second-largest bank, paving the way for a significant reduction in the banking sector's nonperforming assets,” the agency said in a news release.

“We anticipate that strong economic growth through 2021, prudent policymaking, and only moderate state support to the banking system will allow the government to run budgetary surpluses and prompt a reduction in public debt.”

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