Morningstar DBRS upgrades Cyprus’ credit outlook to positive, affirms 'A' rating
Credit rating agency Morningstar DBRS has upgraded the outlook for Cyprus’ long-term credit rating from stable to positive while affirming the 'A' rating. The decision reflects increased confidence in Cyprus’s strong fiscal position and ongoing reduction of public debt. The outlook for short-term ratings was also revised to positive with affirmation at R-1 (low).
Morningstar DBRS highlighted Cyprus's robust economic growth, expected to average around 3% annually, supported by private consumption, investments, and exports, including tourism and non-tourism sectors. Despite some impact from geopolitical tensions in the Middle East, the economy is projected to maintain resilience, with the debt-to-GDP ratio forecast to fall from 49.9% in 2026 to below 40% by 2029.
The rating agency also praised Cyprus’s fiscal discipline, noting the highest EU budget surplus of 3.4% in 2025 and significant improvements in the banking sector. Key risks remain linked to the large domestic banking sector and potential economic shocks, but the stable political environment and EU membership provide strong institutional support. Further upgrades may follow if Cyprus continues reducing debt and enhancing economic resilience.
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