Moody’s Investors’ Service has upgraded Bank of Cyprus Public Company Limited’s (BoC’s) long-term local and foreign currency deposit ratings to Caa1 from Caa2 and its Provisional Senior Unsecured EMTN ratings to (P) Caa1.

Cyprus’ €850m bond issue reduces refinancing risks and demonstrates the sovereign's improved financing flexibility, Fitch Ratings said, although some factors continue to weigh on the island’s sovereign credit profile.

According to the results of the Labour Force Survey, the labour force in the 1st quarter of 2017 amounted to 423,794 persons or 61.5% of the population (males 67.1%, females 56.4%) in comparison to 409,599 persons (60.3%) in the corresponding quarter of 2016.

The Central Bank of Cyprus said that it revised its 2017 economic growth forecast to 3.1% in 2017 from a 2.8% growth rate in December, which slightly more optimistic than the Finance Ministry’s forecast.

French energy giant TOTAL is expected to start exploratory drilling in block 11 of the Cyprus Exclusive Economic Zone on July 14.

Investors are pleased albeit still frustrated by bureaucracy. They still find the competitive advantages of the Cyprus economy attractive and agree with the reform effort

The trade deficit in Cyprus in the first three months of the year increased compared to the corresponding period in 2016, reaching €1.267,1mn in January-March 2017 compared to €497,1mn last year.

Cyprus’ general government debt was held in 2016 to 79.4% by non-residents, which is the highest in the European Union, the European Commission’s statistical office said.

The Public Debt Management Office (PDMO) said that it exchanged €560m worth of securities maturing in 2019 and 2020 with receipts from the most recent bond issue.

Finance Minister Harris Georgiades said that the government borrowed €850m on June 20, 2017 with the issue of a 7-year bond at an interest rate of 2.75%.