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Cyprus News Agency: News in English, 13-04-11

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] S&P revises Cyprus' outlook to stable in view of bailout agreement

  • [01] S&P revises Cyprus' outlook to stable in view of bailout agreement

    Credit rating agency Standard & Poor`s revised the outlook on the long-term rating on Cyprus to stable from negative, saying that the immediate risk of a sovereign default has receded. At the same time, S&P affirmed the ‘CCC/C' long- and short-term sovereign credit ratings on Cyprus, noting that that the program implementation and economic risks remain considerable.

    "We expect the Cypriot government will agree to the terms of an up-to €10 billion financial assistance program from the International Monetary Fund (IMF) and the European Stability Mechanism (ESM)" S&P said on Wednesday.

    It is added that the program's first loan tranche will be disbursed in time for the government to make a June 4 payment due on a Eurobond. Moreover, the ratings agency says it expects Cyprus to remain a member of the Eurozone, adding however the likelihood of recently-imposed capital controls to remain, in some form, in order to protect the country's banks from renewed deposit flight.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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