The credibility of Cyprus has received a much needed boost, following an upgrade by international rating agency, Standard & Poor’s.

S&P raised the long- and short-term sovereign credit ratings on Cyprus to 'B-/B from 'CCC+/C'.

S&P considers the immediate risks to full and timely payment of debt service to have receded.

According to the S&P announcement: “We anticipate that the Cypriot government--having successfully completed the first two Troika program reviews--will continue to timely comply with the program recommendations it has agreed with the Troika.

The program has improved the government's debt profile, covering its borrowing requirements (apart from 6% of GDP in short-term debt) through to March 2016.”