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DBRS: Cyprus still facing credit challenges

DBRS says that Cyprus still faces significant credit challenges related to its NPEs, high levels of private and public sector debt, external imbalances, and the small size of its service-driven economy.

According to DBRS, progress in substantially reducing banks’ NPEs and private sector debt, and the strengthening of the banking sector would be positive. However, the ratings could come under downward pressure in a period of significantly weak growth, combined with large fiscal imbalances. A reversal of the downward trajectory in NPEs could also be negative.

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