NICOSIA (Reuters) - Economic reforms in Cyprus are starting to yield results, the government said on Saturday after one credit-rating agency upgraded its rating and a second its outlook for the bailed-out country.
Standard and Poor's on Friday raised Cyprus's credit rating a notch to B+, reflecting what it said was the island's strong commitment to a reform programme and a budgetary performance exceeding its expectations. Fitch, which rates Cyprus B-, revised its outlook to positive. The other major agency, Moody's, rates it Caa3. All these ratings are well below investment grade.
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