Cypriot Economy Achieves ‘A’ Grade Upgrade by Fitch Ratings

The Cypriot economy has been upgraded to grade "A" by Fitch Ratings, a milestone celebrated by President Nikos Christodoulides as a testament to the country’s progress and the government’s prudent policies.

In a post on the social media platform "X", President Christodoulides remarked on the significance of this achievement.“This upgrade by Fitch is a recognition of the positive course of the country and a vote of confidence in our responsible policies for a competitive and resilient economy aimed at improving the daily lives of the citizens of the Republic of Cyprus,” he stated.

The recognition by Fitch marks another moment of progress for Cyprus, following a similar upgrade from Moody’s earlier this year. The Ministry of Finance also took to "X" to highlight the accomplishment, noting that this marks the second consecutive upgrade for the Cypriot economy and the first return to an "A" grade status since August 2011.

“This is the second consecutive upgrade of the Cypriot economy, following the double upgrade by Moody’s and another return to grade 'A', since August 2011,” the Ministry’s post stated.

Fitch’s decision to raise Cyprus to an "A" rating was based on several key factors, as outlined by the Ministry of Finance. These include a rapid reduction in public debt, consistent strong fiscal surpluses, limited fiscal risks, and robust growth momentum in the country’s economy.

This latest upgrade underscores the resilience and competitiveness of Cyprus’s economy and highlights the success of its financial strategies, which are aimed at fostering economic stability and improving the quality of life for its citizens.

By fLEXI tEAM