Fitch rating agency has upgraded Cyprus’s Long-term foreign and local currency issuer Default Rating by two notches to B+ from B- with a positive outlook, meaning that further upgrades are possible within a 12 month period if further signs of economic improvement are evident.
The upgrade is a result of Cyprus positive fiscal performance and its return to positive GDP numbers after nearly four years.
Fitch is forecasting a 2015 GDP growth if 1.5%, while projecting a fiscal surplus of 0.2% and 1% for 2016 & 2017 respectively.