The Ministry of Foreign affairs stated on Friday that it takes seriously into consideration rating agency recommendations, whilst at the same time maintaining the position that the economy’s characteristics remain healthy and the state of fiscal matters is manageable.

In a press release issued after the downgrading of the Cyprus` credit rating from A- to BBB by Fitch on Wednesday, the Ministry states that “the government is doing everything necessary in order to proceed immediately and effectively with the necessary structural and fiscal measures, in close cooperation with political parties and social partners”.

Cyprus’ finances were exacerbated, following a deadly blast of containers full with ammunition, at the “Evangelos Florakis” naval base, near Limassol, on July 11th