Morningstar DBRS Upgrades Cyprus Credit Outlook to Positive Citing Strong Fiscal Position
Morningstar DBRS has affirmed Cyprus' long-term credit rating at 'A' and upgraded the outlook from stable to positive, reflecting the country's strong fiscal position and favourable macroeconomic conditions. The agency highlighted Cyprus’ fiscal surplus and sharp decline in public debt as key factors supporting the positive outlook.
Cyprus' public debt has fallen from 96.5% of GDP in 2021 to 55% in 2025, with expectations to drop below 50% by the end of 2026. Despite challenges related to the Middle East conflict and energy reliance, the economy showed resilience with a GDP growth of 3.8% in 2025. Finance Minister Makis Keravnos and President Nikos Christodoulides welcomed the upgrade, emphasizing prudent economic policies and ongoing reforms.
Cyprus Fiscal Council President Andreas Charalambous cautioned about potential fiscal risks from pension reform and the upcoming election period, noting the need for careful management to maintain fiscal discipline. He also stressed that future growth must increasingly rely on productivity improvements rather than migration. The agency warned that failure to sustain public debt reduction or economic resilience could reverse the upgrade outlook.
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