Cyprus says no let-up to fiscal discipline course as S&P raises country’s credit rating to BBB+

NICOSIA, Cyprus (AP) — Cyprus says it won’t let up on a course of strict fiscal discipline while supporting economically vulnerable groups and the middle class after credit ratings agency Standard & Poors upgraded the country’s rating to BBB+ from BBB. Cypriot President Nikos Christodoulides said in a statement Saturday that the ratings upgrade affirms the “correctness” of his government’s economic policy of responsible fiscal policies, banking sector stability and continuous reforms. The agency also kept the outlook for Cyprus as positive, meaning that further upgrades could be possible over the next two years. S&P said in a statement Friday that it forecasts the Cypriot economy to grow by an average of 3% of gross domestic product over the next three years.