Fitch Ratings upgraded on Friday 19 October Cyprus's sovereign credit rating by one notch to "BBB-" from "B+" and assigned a stable outlook, from its previous junk "BB+" ratings, where it had been since 2012 after a financial crisis nearly drove the nation into bankruptcy. Standard & Poor's was first in lifting Cyprus back into investment grade last month. Fitch said that high fiscal surpluses above 2% of GDP until 2020, coupled with robust economic growth reaching 4% and 3.8% of GDP this year and next, respectively, were key reasons behind the decision. The agency also cited as a medium-effect reason for its upgrading the reduction of non-performing loans of the banking system to 30 percent at the end of September this year, relative to 44 percent in 2017. Standard & Poor's credit rating for Cyprus stands at BBB- with stable outlook. Moody's credit rating for Cyprus was last set at Ba2 with stable outlook. DBRS's credit rating for Cyprus is BB with positive outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Cyprus thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Cyprus as reported by major credit rating agencies.



AgencyRatingOutlookDate
FitchBBB- Stable Oct 19 2018
TE48 Stable Oct 19 2018
TE48 Stable Oct 19 2018
S&PBBB- Stable Sep 14 2018
TE47 Positive Sep 14 2018
TE47 Positive Sep 14 2018
Moody'sBa2 Stable Jul 27 2018
TE46 Positive Jul 27 2018
TE46 Positive Jul 27 2018
DBRSBB Positive May 25 2018
TE42 Positive May 25 2018
TE42 Positive May 25 2018
FitchBB+ Positive Apr 20 2018
TE41 Positive Apr 20 2018
TE41 Positive Apr 20 2018
DBRSBB (low) Positive Dec 01 2017
TE41 Positive Dec 01 2017
TE41 Positive Dec 01 2017
FitchBB Positive Oct 20 2017
TE40 Positive Oct 20 2017
TE40 Positive Oct 20 2017
S&PBB+ Positive Sep 15 2017
TE40 Stable Sep 15 2017
TE40 Stable Sep 15 2017
Moody'sBa3 Positive Jul 28 2017
TE38 Stable Jul 28 2017
TE38 Stable Jul 28 2017
DBRSBB (low) Stable Jun 02 2017
TE38 Stable Jun 02 2017
TE38 Stable Jun 02 2017
S&PBB+ Stable Mar 17 2017
TE37 Positive Mar 17 2017
TE37 Positive Mar 17 2017
DBRSB Positive Dec 02 2016
TE37 Positive Dec 02 2016
TE37 Positive Dec 02 2016
Moody'sB1 Positive Nov 11 2016
TE37 Positive Nov 11 2016
TE37 Positive Nov 11 2016
FitchBB- Positive Oct 21 2016
TE36 Positive Oct 21 2016
TE36 Positive Oct 21 2016
S&PBB Positive Sep 16 2016
TE35 Positive Sep 16 2016
TE35 Positive Sep 16 2016
TE36 Positive Apr 16 2016
TE35 Positive Apr 16 2016
TE35 Positive Apr 16 2016
DBRSB Stable Dec 04 2015
TE31 Positive Dec 04 2015
TE31 Positive Dec 04 2015
Moody'sB1 Stable Nov 13 2015
TE28 Positive Nov 13 2015
TE28 Positive Nov 13 2015
FitchB+ Positive Oct 24 2015
TE28 Positive Oct 24 2015
TE28 Positive Oct 24 2015
FitchB+ Positive Oct 23 2015
TE26 Positive Oct 23 2015
TE26 Positive Oct 23 2015
S&PBB- Positive Sep 25 2015
TE25 Positive Sep 25 2015
TE25 Positive Sep 25 2015
S&PB+ Positive Mar 27 2015
TE25 Stable Mar 27 2015
TE25 Stable Mar 27 2015
Moody'sB3 Stable Nov 14 2014
TE21 Stable Nov 14 2014
TE21 Stable Nov 14 2014
FitchB- Positive Oct 24 2014
S&PB+ Stable Oct 24 2014
TE20 Positive Oct 24 2014
TE20 Positive Oct 24 2014
TE20 Positive Jun 27 2014
DBRSB (low) Stable Jun 27 2014
TE20 Positive Jun 27 2014
S&PB Positive Apr 25 2014
FitchB- Stable Apr 25 2014
TE18 Stable Apr 25 2014
TE18 Stable Apr 25 2014
TE18 Stable Apr 22 2014
TE18 Stable Apr 22 2014
TE18 Stable Mar 21 2014
Moody'sCaa3 Positive Mar 21 2014
TE18 Stable Mar 21 2014
S&PB- Stable Nov 29 2013
TE17 Stable Nov 29 2013
TE17 Stable Nov 29 2013
TE17 Stable Oct 15 2013
TE17 Stable Oct 15 2013
TE17 Stable Jul 18 2013
TE17 Stable Jul 18 2013
DBRSCCC Negative Jul 12 2013
TE18 Stable Jul 12 2013
TE18 Stable Jul 12 2013
S&PCCC+ Stable Jul 03 2013
TE16 Stable Jul 03 2013
TE16 Stable Jul 03 2013
S&PSD N/A Jun 28 2013
TE16 Stable Jun 28 2013


 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 60
B- B3 B 28
B B2 B B 31
B1 B+ 35
BBB+ BBB- 60
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 50
BB+ Baa3 52
B+ B2 BB- 36
BB- Ba3 BB- 40
SD Caa3 15
B B3 B 26
AA Aa3 AA- AA (high) 88
B- B3 20
B+ N/A 30
A+ A2 N/A 78
BB- Ba3 BB- 41
B B3 28
A- A2 72
BB- Ba2 BB- BB (low) 42
BBB- Baa2 BBB 58
B 25
N/A B2 30
B B2 B 30
AAA Aaa AAA AAA 99
B B 30
Aa3 85
A+ A1 A N/A 80
A+ A1 A+ A (high) 81
BBB- Baa2 BBB BBB 58
CCC+ B3 22
BB- Ba2 BB 43
BB+ Ba2 BB+ 48
Caa2 15
BBB- Ba2 BBB- BB 48
AA- A1 AA- 81
AAA Aaa AAA AAA 100
BB- Ba3 BB- 38
B- B3 B- 26
B B3 B 28
CCC+ B3 B- 21
AA- A1 AA- AA (low) 81
B B1 B 31
AA Aaa AAA AAA 98
B+ Ba3 35
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AAA 92
N/A Caa1 B 26
BB- Ba2 BB- 41
AAA Aaa AAA AAA 100
B B3 B 26
B+ B3 BB- B (high) 30
SD
BB- Ba1 BB 46
BB- B1 35
AA+ Aa2 AA+ 95
BBB- Baa3 BBB- 55
A A3 A 73
BBB- Baa2 BBB- BBB 56
BBB- Baa2 BBB 56
B- Caa1 B- 25
A+ A2 A+ A (high) 76
N/A Aa2 92
AA- A1 A+ 80
BBB Baa3 BBB BBB (high) 62
Ba3 B+ 38
B B3 B 28
A+ A1 A A 77
B+ B1 37
BBB- Baa3 BBB 56
B+ B2 B+ 35
AA Aa2 AA 90
NR B2 30
A A3 A- A (low) 70
B- B3 B- 28
B+ 35
AAA 100
A A3 A- A (low) 71
AAA Aaa AAA AAA 100
Aa3 AA 85
BB- BB 42
A- A3 A- 70
B2 B+ 32
A- A3 A+ A (high) 73
Baa1 65
BBB+ A3 BBB+ BBB (high) 65
B3 25
B B3 B 26
B+ B1 35
BBB- 55
BBB- Ba1 BBB- 53
SD Caa3 RD 12
Ba1 BB+ 52
AAA Aaa AAA AAA 100
AA Aaa AA 93
B- B2 B 30
B B2 B+ 31
AAA Aaa AAA AAA 99
BB Baa3 BBB- 53
B B3 B 28
BBB Baa2 BBB 60
B B2 32
BB Ba1 BB 46
BBB+ A3 BBB+ N/A 65
BBB Baa2 BBB 60
A- A2 A- A 71
BBB- Baa3 BBB BBB 56
D 0
AA- Aa3 AA- 85
B- Caa2 CC 23
BBB- Baa3 BBB- 55
BBB- Ba1 BBB- 51
B B2 B+ 31
BBB- 55
A- A1 A+ 78
B+ Ba3 37
BB Ba3 BB 38
BB- 40
AAA Aaa AAA AAA 98
A+ A2 A+ A (high) 78
A+ Baa1 A- A 72
B3 25
BB Baa3 BB+ 50
AA Aa2 AA- 86
A- Baa1 A- A 68
B+ B1 B+ 35
B3 25
B B2 B- 28
B2
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA- Aa3 AA- 83
B- B3
B1
BBB+ Baa1 BBB+ 65
BBB+ Ba1 57
N/A B2 B+ 35
B+ Ba3 BB BB (high) 43
B B2 B+ 33
B- Caa2 B- 20
AA Aa2 AA 90
AA Aa2 AA AAA 93
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
SD C RD 12
BB- Ba3 BB 40
B- Caa1 B- 34


Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com


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Cyprus - Credit Rating