Friday, April 22, 2016

Fitch Affirms Cyprus at 'B+'; Outlook Positive

(The following statement was released by the rating agency)

LONDON, April 22 (Fitch) Fitch Ratings has affirmed Cyprus's

Long-term foreign

and local currency Issuer Default Ratings (IDRs) at 'B+'. The

Outlooks are

Positive. The issue ratings on Cyprus's senior unsecured foreign

and local

currency bonds have also been affirmed at 'B+'. The Country

Ceiling is affirmed

at 'BB+' and the Short-term foreign currency IDR at 'B'.

KEY RATING DRIVERS

Cyprus is undergoing a major financial sector, fis

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