On the 25th of April 2004, Standard and Poor credit agency, increased the ratings of Cyprus from ‘B-‘ to ‘B.’ The credit agency explained Cyprus was meeting the terms placed by its foreign leaders and the country’s debt repayments will be paid.
It is the second time the credit agency has upgraded the economy of Cyprus and its Banks since its financial collapse more than a year ago. Standard and Poor credit agency also added they would further raise Cyprus’ ratings within the following year if the country continues to meet the terms and conform to the measures set by the European Union and International Monetary Fund.
Standard and Poor credit agency stated that Cyprus is complying with the conditions of the Economic Adjustment Program, that has been financed by the International Monetary Fund and European Stability Mechanism. This compliance has benefited the country greatly since, as they have stated, suggests Cyprus will fully repay its debt on time.