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DBRS: Cyprus faces significant credit challenges
CNA - CYPRUS/Nicosia 20/05/2019 17:55



DBRS rating agency says that Cyprus faces significant credit challenges related to still sizable non-performing exposures (NPEs) in the banking sector, high levels of private and public sector debt, external imbalances, and the small size of its service-driven economy, which exposes Cyprus to adverse changes in external demand.
 
In a media statement issued Monday, following the recent DBRS sovereign rating announcement on Cyprus, the agency noted that the ratings, could come under upward pressure from sustained healthy economic growth and sound fiscal position, which would contribute to the downward trajectory in the public debt ratio.
 
 Moreover, DBRS notes that further progress in substantially reducing banks’ NPEs and private sector debt, and the strengthening of the banking sector would be positive for the ratings.

(CNA)

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