DBRS confirms Cyprus’ ‘BBB’ rating

DBRS Morningstar confirmed the Republic of Cyprus’ credit standing at ‘BBB’ on Friday, with the pattern remaining Secure. 

It famous that the steady outlook balances latest favorable fiscal dynamics in opposition to necessary draw back dangers for the fiscal and financial outlooks. 

Fiscal balances have recovered strongly over the previous two years. 

The final authorities funds deficit narrowed to 1.7% of GDP in 2021 from 5.8% in 2020, pushed by a powerful financial progress rebound from the Covid-19 shock, which led to a marked improve in tax revenues. 

Budgetary outcomes have continued to enhance over the previous months regardless of the latest power shock. 

In January-July 2022 the final authorities registered a surplus of 0.6% of GDP in comparison with a deficit of three.2% of GDP in the identical interval in 2021.