Fitch Affirms Cyprus at 'B-'; Outlook Positive

April 24, 2015 8:06 PM

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(The following statement was released by the rating agency) LONDON, April 24 (Fitch) Fitch Ratings has affirmed Cyprus's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B-' with a Positive Outlook.

The issue ratings on Cyprus's senior unsecured foreign and local currency bonds have also been affirmed at 'B-'. The Country Ceiling has been raised to 'BB-' from 'B' and the Short-term foreign currency IDR has been affirmed at 'B'. KEY RATING DRIVERS Public debt, at around 107.1% of GDP in 2014, is...

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