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Following S&P’s upgrade of Cyprus’ credit rating to ‘BB’ from ‘BB-’ in early September 2016, yet another index provider, Fitch Ratings followed suit by upgrading Cyprus’ credit rating to ‘BB-’ from ‘B+’ on 21/10/2016. More importantly, however, both S&P and Fitch seem to share the sentiment that the Cyprus economy is set to retain its positive outlook. According to Fitch, economic recovery is supporting employment, bank asset quality adjustment and public finances. Fitch projects a growth rate of 2.9% for 2016, while for the period between 2017-18 a growth rate of 2.5% is anticipated, boosted by an increase in foreign direct investment. ‘Downside risks to the outlook’, according to Fitch Ratings’ Action Report, ‘stem from banking sector deleveraging and the weak external environment’.