Standard & Poors has raised Cyprus' long term credit grade from BB to BB+.

The agency expects that the country's economy will grow steadily over the next 3 years. Further, the agency stated that the budget of the island will show a small surplus over the next years which will result in reducing the county's debt. Furthermore, the agency expects that unemployment standing at 13.3% at the end of 2016 will fall to 12% by 2018.

S & P said that the upgrade is a result  of stronger than expected economic growth and fiscal progress.




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