DBRS changes Cyprus outlook to positive


DBRS changes Cyprus outlook to positive

Rating agency DBRS has changed its outlook on Cyprus to positive from stable, citing improved economic conditions in the country. "The positive trend reflects DBRS Morningstar’s view that the outlook for the downward trajectory in the public debt ratio has improved, driven by sustained robust economic growth, large primary surpluses and early debt repayments. While moderating, economic growth in Cyprus is projected at around 3 percent in 2019 and 2020, among the strongest in the euro area," it said in a statement. DBRS confirmed its BBB rating on Cyprus. "The materialization of fiscal risks could delay the reduction in public debt, but strong growth, together with large fiscal surpluses and early debt repayments, is still expected to contribute to the decline in the government debt-to-GDP ratio over the coming years," it added.

Among the challenges faced by Cyprus is sizeable non-performing exposures (NPEs) in the banking sector, high levels of private and public sector debt, external imbalances, and the small size of its service-driven economy, which exposes Cyprus to adverse changes in external demand, the Toronto-based agency added.

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