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Fitch & Standard and Poor’s Upgrades Cyprus

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Two of the world's most reputable credit rating firms, Standard and Poor's and Fitch Ratings, have just upgraded Cyprus.

Standard and Poor's raised Cyprus' credit rating to a B+ from a B, due to the nation's reform program and budgetary efforts, while Fitch revamped its outlook on Cyprus to positive. Fitch currently holds the country at a B- grade.

Cypriot Deputy Government Spokesman Victor Papadopoulos described, "Government efforts to reform the economy are beginning to show tangible results ... this effort must clearly continue," as reported by Reuters.

Cyprus is currently on a three-year protocol that has streamlined privatizations and spending, and is revamping the banking sector, after receiving a 10 billion-euro package from the IMF and EU to avoid bankruptcy last year.

The nation has followed the financial mandates by its international lenders, yet the IMF has cautioned that reform fatigue is happening, after the process of mortgage foreclosures experienced difficulties. A new aid package approximated at 433 million euros has not been received by Cyprus, as it is being withheld until the issue is resolved.