S&P Global upgrades Cyprus credit rating to A with positive outlook
S&P Global Ratings has upgraded Cyprus’s credit rating from A- to A, marking its return to A-grade status for the first time since 2010. The upgrade reflects the island’s strong economic fundamentals and resilience amid global geopolitical uncertainty, according to the Finance Ministry.
Despite projected economic growth slowing to 2.7% due to regional tensions, Cyprus is expected to outperform most European peers while generating fiscal surpluses. Public debt is anticipated to fall to just above 30% of GDP by 2029, supported by sound economic governance and a robust labor market. S&P noted that further upgrades could be possible within a year if current forecasts hold, although ongoing tensions in the Middle East remain a key risk.
Finance Minister Makis Keravnos welcomed the decision, emphasizing that the government will maintain its focus on fiscal discipline, growth, and reducing public debt. He added that priority will be given to ensuring economic benefits reach households and businesses, alongside support for vulnerable citizens through targeted social policies.
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