S&P ups Cyprus, Malta assessments

Standard & Poor's said it raised its transfer and convertibility assessments on the Republics of Cyprus (A/positive/A-1) and Malta (A/stable/A-1) to AAA from AA.

The agency said that this follows the decision by E.U. finance ministers to allow both countries to adopt the euro on Jan. 1 and brings the T&C assessments on Malta and Cyprus in line with the AAA assessments on sovereigns already in the euro area.

The agency noted that the T&C assessment is the rating associated with the probability of a sovereign restricting nonsovereign access to foreign exchange needed for debt service.

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