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Standard & Poor's Cypriot Upgrade

Today, leading credit rating provider Standard and Poor's altered Cyprus' grade to a B from a B-.

The credit agency offered a higher rating to the island, because it is handling itself far better than predicted, after 2013's turbulent international bailout. The premier firm commented that the nation was meeting all global lender goals, and its debt repayment risks were decreasing.

This marks Cyprus' second promotion by Standard and Poor's, since it began suffering extreme financial turmoil in March 2013. The last Cypriot upgrade occurred six months ago. However, as stated by Cypriot Finance Minister Harris Georgiades, this stride does not change the country's financial markets reentry timeline, which is predicted at 2015's end.

Standard and Poor's commented, "Despite the continued recession... prospects are somewhat brighter than we had anticipated in our last review in November 2013". The credit bureau discussed the possibility of enhancing Cyprus' rating once again within the next year, if the island consistently meets all of its European Union and International Monetary Fund bailout plan's criteria.