04.07.2013 17:30
YEREVAN, July 4. /ARKA/. Rating Agency Standard and Poor`s raised on Wednesday Cyprus` long-term foreign and local currency sovereign credit ratings to `CCC+` from `SD` (selective default) with a stable outlook, following the successful exchange of €1 billion government bond`s with longer maturities, RBC reported citing Reuters.
At the same time, S&P`s raised its short-term foreign and local currency sovereign credit ratings on Cyprus to `C` from `SD`.
According to S&P`s rationale, the upgrade reflects two other factors the easing of the government’s immediate liquidity constraints, due to the disbursement of the €1 billion tranche by the European Commission Union the European Central Bank, and the International Monetary Fund , also known as the Troika, as well as the extension of the €1.8 billion bond, issued to Cyprus Popular Bank (now transferred to Bank of Cyprus) which came due on June 28, for one year to July 1, 2014, in accordance with the bond`s original terms.
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