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Rating agency, Standard and Poor’s affirmed Cyprus long-term credit rating at BBB- maintaining a positive outlook, noting that despite the crisis in Ukraine and possible spilovers due to the sanctions against Russia, “medium-term economic prospects remain solid.” “While we expect the crisis in Ukraine to weigh on Cyprus` economic performances via the sanctions imposed on Russia, an important economic partner, medium-term economic prospects remain solid, with growth expected to average 3.2% per year over 2023-2025,” the agency said. As the agency noted, …
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