NEW YORK, July 3 (Reuters) – Standard & Poor’s on Wednesday
upgraded the sovereign foreign credit rating on Cyprus to
CCC-plus from selective default following completion of an
exchange of bonds the credit rating agency deemed distressed.
Cyprus undertook a 1 billion euros ($1.30 billion) debt
exchange as part of a financial adjustment program worked out
with the troika of the European Union, European Central Bank and
the International Monetary Fund.
NEW YORK (Reuters) – Fitch Ratings on Friday affirmed the United States’ top level credit rating at AAA but held the outlook at negative, citing still elevated debt levels that leave it vulnerable to shocks unless more deficit reduction measures are adopted.
The affirmation reflects strong economic and credit fundamentals, the firm said in a statement.
NEW YORK (Reuters) – Japan must embrace strong measures to boost growth, helping the economy withstand an expected consumption tax increase and other efforts to reduce government red ink, a senior Japanese government official said on Friday.
“We need to consider (the) risk that the fiscal condition could deteriorate if the economy is not robust enough to absorb the negative impact of tax increases,” Yasutoshi Nishimura, senior vice minister for economic and fiscal policy at the Cabinet office, said in a speech at the Japan Society in New York.