S&P raises Cyprus rating as default risks recede

FXstreet.com (Łódź) - After lowering the Netherlands' rating to AA+ from AAA and upgrading the outlook on Spain to stable from negative earlier on Friday, Standard & Poor's Ratings Services also announced its decision to raise its long-term sovereign debt rating on Cyprus to B- from CCC+, with a stable outlook.

According to the official release: "The immediate risks to Cyprus' program implementation, and, therefore, to full and timely payment of debt service, appear to have receded."

“The stable outlook reflects our view of the implementation risks that remain as the end of the three-year European Commission, International
Monetary Fund, and European Central Bank ("Troika") program approaches, balanced against the upside potential we see coming from Cyprus' economy.”