Finance Minister Makis Keravnos expressed satisfaction following Standard & Poor’s’ decision (S&P Global Ratings) to upgrade the credit rating of the Republic of Cyprus from “A-” to “A,” while maintaining a positive outlook for the economy.
In a written statement, Mr. Keravnos described the development as particularly significant, noting that Cyprus has moved up one notch in the investment-grade category, a fact which, he said, further strengthens the country’s credibility in international markets.
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The Minister of Finance emphasized the importance of the upgrade, given the international climate of instability and uncertainty, with geopolitical developments and ongoing conflicts affecting the global economy.
According to Mr. Keravnos, S&P’s decision recognizes the resilience and strong fundamentals of the Cypriot economy, which, as he notes, are reinforced by the government’s economic policy.
He also makes special mention of the maintenance of the positive outlook for the Cypriot economy, arguing that this confirms projections of continued growth.
The Minister also emphasizes that the government will continue to implement a prudent and growth-oriented economic policy, with the aim of maintaining the economy’s resilience, maintain budget surpluses, and further reduce public debt.
As he noted, the goal is for the economy’s positive trajectory to translate into benefits for households and businesses, while targeted social policies will continue to support the most vulnerable citizens.
