NICOSIA, Oct. 26 (Xinhua) -- European rating agency Scope Ratings upgraded Cyprus' debt ratings at A- from BBB+ for the first time in a milestone development since the country slipped below that level in mid-2011.
The Germany-based agency said in a statement on Saturday that this rating shift reflects Cyprus' strengthened fiscal outlook, resilient economic growth and reduced financial sector risks.
Cyprus' downward ratings trend started at the beginning of the 2008 world economic crisis and finally led to a bankruptcy in 2013, as the government at the time failed to react to the crisis signals and international rating agencies downgraded its economy to junk level.
Though the economy recovered and has achieved robust growth rates, the EU island country is still coping with the repercussions of a bailout by the Euro group and the International Monetary Fund, including a high rate of non-performing bank loans and a high debt rate. ■
