Standard & Poor’s Ratings Services raised its rating on Cyprus

The credit rater had suggested earlier this year that sovereign downgrades were likely to outnumber upgrades this year, though it added the overall number of negative outlooks has declined since 2012 and it didn’t foresee downgrading any sovereigns holding the highest triple-A rating.
S&P said Cyprus’s economic and budgetary performance has exceeded its expectations. S&P now holds a double-B-minus rating on Cyprus, three notches below investment-grade territory.
Cyprus took a bailout about two years ago, a move that took the eurozone to the brink as bank depositors suffered losses as the economy buckled under its outsize banking system. The island has been steadily recovering. A gaping current-account deficit has largely been closed. Capital controls were fully lifted early in April.