Third Upgrade in a Row within a Month! Cyprus Economy Secures Third Confidence Boost with Standard & Poor’s Rating Upgrade

Cyprus is celebrating the earning of its third credit rating upgrade within a month. Standard & Poor’s (S&P) has upgraded Cyprus’s long-term credit rating to A-, reflecting stable prospects and balanced risks for the next two years. This marks a significant achievement, as Cyprus now holds an “A” rating across all major credit rating agencies: Moody’s, Fitch, and S&P’s.

The upgrade highlights Cyprus as one of Europe’s most reliable economies, a status that brings tangible benefits to its people. Economic resilience, steady GDP growth, and promising reforms under the EU’s NextGenEU program have solidified the country’s fiscal credibility. Real GDP growth is expected to remain robust, with forecasts of 3% annually from 2025 to 2027, fueled by investments, private consumption, and infrastructure projects like the upcoming liquefied natural gas terminal.

In a statement, President Nikos Christodoulides praised the development as the result of a coordinated strategy focusing on fiscal discipline, investments, and financial stability. He emphasised the importance of banks aligning with this positive trajectory by supporting households and businesses with lower lending rates. Cyprus’s progress is a testament to collective effort. Citizens, businesses, and institutions have worked together to overcome challenges, setting a strong foundation for long-term stability and growth.