Cyprus Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa2 Positive | A- Positive | A- Positive | A (low) Positive | A- Positive |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Nov 21, 2025 | Fitch | A- | Stable | A- | Positive | |
| Nov 14, 2025 | S&P | BBB+ | Positive | A- | Positive | |
| Oct 10, 2025 | Scope Ratings | A- | Stable | A- | Positive | |
| Mar 21, 2025 | DBRS | BBB (high) | Stable | A (low) | Positive | |
| Dec 07, 2024 | Fitch | BBB+ | Positive | A- | Stable | |
| Oct 25, 2024 | Scope Ratings | BBB+ | Stable | A- | Stable | |
| Jun 14, 2024 | S&P | BBB | Positive | BBB+ | Positive | |
| Jun 07, 2024 | Fitch | BBB | Stable | BBB+ | Positive | |
| May 24, 2024 | Moody's | Baa2 | Stable | Baa2 | Positive | |
| Nov 19, 2023 | Scope Ratings | BBB | Stable | BBB+ | Stable | |
| Sep 29, 2023 | DBRS | BBB (low) | Positive | BBB (high) | Stable | |
| Sep 29, 2023 | Moody's | Ba1 | Positive | Baa2 | Stable | |
| Sep 01, 2023 | S&P | BBB | Stable | BBB | Positive | |
| Mar 13, 2023 | Fitch | BBB- | Stable | BBB | Stable | |
| Dec 09, 2022 | Scope Ratings | BBB- | Positive | BBB | Stable | |
| Sep 02, 2022 | S&P | BBB- | Positive | BBB | Stable | |
| Aug 19, 2022 | Moody's | Ba1 | Stable | Ba1 | Positive | |
| Jun 24, 2022 | Scope Ratings | BBB- | Stable | BBB- | Positive | |
| Oct 22, 2021 | DBRS | BBB (low) | Stable | BBB (low) | Positive | |
| Sep 03, 2021 | S&P | BBB- | Stable | BBB- | Positive |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Cyprus’s current credit rating?
Cyprus’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Cyprus’s credit risk.
Has Cyprus’s credit rating changed recently?
This page lists the latest rating and outlook actions for Cyprus, showing when each agency last reviewed or changed its assessment.
Why does Cyprus’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Cyprus's bond yields, currency, and equity flows as investors reassess risk.
How does Cyprus’s rating compare to other countries?
You can explore how Cyprus ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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