Canadian credit rating agency, DBRS, has upgraded the Cyprus economy from CCC to B, changing the prospects of the economy from 'negative' to 'stable'.
The agency considers that the short-term risk of default has been reduced substantially due to the solid implementation of the fiscal consolidation program by the Cyprus authorities as well as the successful implementation and better than expected progress of the rescue plan.
The upgrade comes only days after Cyprus had successfully re-entered international markets via a bond issue that was oversubscribed.
