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Scope Ratings affirmed on Friday the Republic of Cyprus’ BBB- long-term issuer and senior unsecured local- and foreign-currency ratings, along with a short-term issuer rating of S-2 in both local and foreign currency, noting that all outlooks are stable.Strong economic recovery, sustained fiscal consolidation, and euro area membership support the rating, says the credit rating agency, adding among the constraints a concentrated and externally-dependent economy, vulnerabilities in the banking sector and elevated public, private and external debt.A relevant announcement says …
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