fitch maintains b long term cypruss ratings
Last Updated : GMT 18:27:14
Arab Today, arab today
Arab Today, arab today

Fitch maintains 'B+' long term Cyprus's ratings

Arab Today, arab today

Arab Today, arab today Fitch maintains 'B+' long term Cyprus's ratings

fitch
Nicosia - XINHUA

Fitch ratings agency maintained its long term ratings for Cyprus at "B+" with a positive outlook despite acknowledging "a track record of fiscal consolidation, progress in financial sector restructuring and economic recovery".

According to a statement made available in Nicosia on Saturday, the agency cited as factors weighing heavily on Cyprus's credit profile its large sovereign debt currently standing at 109 percent of its GDP and the "exceptionally weak asset quality" of the banks.

Cyprus exited a three-year economic adjustment program at the end of March, under a 10-billion-euro (about 11.3 billion U.S. dollars) bailout of its economy by the Eurogroup and the International Monetary Fund in March 2013.

Fitch said that at the end of the program Cyprus' economy grew 1.6 percent in 2015 after a cumulative 11 percent contraction and projected a growth of around 2 percent this year.

But it warned that the restructured banking system is a factor of uncertainty.

"Banks remain fundamentally weak and pose an ongoing risk to the economy and public finances," Fitch said.

It added that the ratio of non-performing loans stood at 45 percent, down by 5 percentage points from its peak, and some 30 percent of restructured loans were still in arrears at the end of 2015.

On the positive side, Fitch cited a strong management policy which led to over-achieving fiscal target and economic recovery resulting in an increased employment, which continues to fuel growth through consumption.

Fitch said that the likelihood of an agreement reunifying Cyprus remains uncertain, but notes that despite the short-term cost and uncertainties entailed in a solution, it will help boost the Cypriot economy in the long term.

The agency said its projections to not include the impact on GDP growth of potential gas reserves off the southern shores of Cyprus, now in the stage of being developed.

Source: XINHUA

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fitch maintains b long term cypruss ratings fitch maintains b long term cypruss ratings

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fitch maintains b long term cypruss ratings fitch maintains b long term cypruss ratings

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday