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Cyprus return to the markets positive, but risks remain, Fitch says 

June 20, 2014
Financial Mirror

Fitch Ratings described Cyprus` return to the international capital markets as positive, noting however that this does not mean that market access will be permanent as risks to the Cypriot economy`s outlook remain. 

On Wednesday, Cyprus issued a 5-year bond that was oversubscribed by four times as offers reached 2 billion enabling the authorities to issue bonds worth of €0.75 billion from the €0.5 billion of the initial target. 

“Cyprus`s return to the international bond market is positive for the sovereign, helping it meet funding needs and improving its financing flexibility,” Fitch said in a press release, adding however that “it is not certain that market access will be permanent, and the high level of sovereign risk in Cyprus is reflected in its `B-` rating.” 

Read More: Financial Mirror

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