OREANDA-NEWS. Expert RA Rating Agency (RAEX) upgraded Cyprus sovereign rating to B- ("Satisfactory level of creditworthiness") in foreign and national currencies. Credit environment rating of the country was also upgraded to CCC ("Low quality of credit environment) in foreign and national currencies. Previously the country had sovereign credit rating CCC ("Low level of creditworthiness") and credit environment rating CC ("Very low quality of credit environment") in foreign and national currencies.

Sovereign rating and credit environment rating of the country were positively influenced by reserve status of the national currency (Euro), the EC membership, reduction of short-term debt burden, reduction and low level of budget deficit, bank system capitalization growth.

High risks of the bank system restrained the rating level.

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