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Financial Mirror (Cyprus) - - FRONT PAGE -

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

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