President of the Republic, Nikos Christodoulides, has welcomed the new upgrade of Cyprus' credit rating, saying it is "the 5th in a row since taking over the governance of the country, that this time concerns Standard and Poor's, which confirms the positive outlook of the Cypriot economy ".

Standard and Poor's upgraded on Friday Cyprus long-term ratings to 'BBB+' from 'BBB' and assigned a positive outlook, while affirming the short-term rating at 'A-2'.

The President also underlined that "the government will continue with the same determination to implement the economic policy which allows it to effectively support the vulnerable groups of the population, strengthening, at the same time, both the middle class and businesses".

In a written statement, the President noted that it is significant that S&P's have predicted one of the highest growth rates in the EU during the period 2024-2027, "despite the serious challenges arising at the European and global level from the ongoing wars in Ukraine and in the Middle East".

The fact, he stressed, that the Agency upgraded the credit rating of the Republic of Cyprus from BBB to BBB+ while maintaining the outlook to positive, proves the correctness of the government's economic policy based on three aspects, fiscal responsibility, financial stability and continuous reforms.

The President also said that access to international markets and the attraction of foreign investment are, among other things, necessary components for maintaining the Cypriot economy on a growth track.