DDBBRRSS uuppggrraaddee wweellccoommeedd,, nnaattggaass rreevveennuuee aatt

The government has welcomed Friday’s upgrade by DBRS of Cyprus’ long-term foreign and local currency issuer ratings from CCC to B (low).

Government spokesman Nikos Christodoulides said that “the upgrade reflects DBRS’ view that near-term default risks have eased considerably with the authorities’ strong i mplementation of their macroeconomic adjustment programme,” and “progress on stabilising the financial system.”

It also notes that “investment into the gas sector combined with the adoption of a sound fiscal framework that utilises additional revenues to strengthen the sovereign balance sheet could also have positive effects,” Christodoulides added.

The rating agency report said that “the upgrade reflects DBRS’ view that nearterm default risks have eased considerably with the authorities’ strong implementation of their macroeconomic adjustment programme, progress on stabilising the financial system, and