International rating agency Standard & Poor’s has maintained the Republic of Cyprus’s rating at A- with a positive outlook, according to an announcement issued on Friday evening, March 20, 2026.
The Ministry of Finance noted that this decision amid widespread instability demonstrates that the Cypriot economy’s fundamentals remain sound and the positive trajectory is expected to continue.
Key findings
- Economic growth is expected near 3%, high by European standards, with continued fiscal surpluses
- Significant reduction of public debt and increased service exports have bolstered resilience
- The financial sector has strengthened, with a decline in non-performing loans
Finance Minister Makis Keravnos called the rating “an independent confirmation of rational economic policy” and stressed that Cyprus remains “a pillar of security and stability.”
S&P acknowledge the Middle East war as the main risk factor but consider Cyprus well-equipped to manage the crisis.
