Fitch raises Cyprus’ credit rating by a notch to BBB+ thanks to resilient economy, fiscal discipline

NICOSIA, Cyprus (AP) — The Fitch agency says it has raised Cyprus’ credit rating by a notch to BBB+. In its statement Saturday, Fitch cited Cyprus’ heightened ability to withstand financial shocks, the government’s commitment to keeping its finances in order and a strengthened banking sector thanks in part to the lowest bad loan ratio since the global financial crisis. Fitch says it lists the island nation’s outlook as positive. The agency says Cyprus’ household and corporate debt continued to fall last year, coming very close to the European Union average. It also points to the government’s “very strong fiscal performance” in the last two years, with a primary surplus to reach 4.5%. It calls that “by far the highest” among countries that use the euro as their currency.