Ratings changes from Standard & Poor's

  • Cyprus raised to BB- from B+
  • Cyprus raised on removal of capital controls and strong budgetary performance; outlook positive
  • Outlook is positive. Could raise ratings within 12 months if we see continued growth
  • Austria affirmed at AA+, outlook stable
  • Austria stable outlook reflects pickup in growth from 2016. That should help improve public accounts and limit tax shortfalls
  • Expect that Austria's debt metrics will remain largely unchanged in the next two years

Ratings moves aren't the market-jolting event they used to be.