If Fitch Ratings’ recent announcement is anything to go by, the pace of ratings for Western European countries seems to be going on the up and up.

Fitch Ratings recently announced that all three of Cyprus, Greece and Andorra had upgrades in their ratings and that there have been no downgrades since April 2018.

The announcement was documented in the rating house’s Western Europe Sovereign Credit Overview (3Q18 report), which stated how Cyprus, like Finland and Austria are looking towards positivity whereas San Marino and the UK are going towards negative.

The UK downgrading has much to do with the downside risks of disruptively exiting from the EU.

Cyprus has indeed benefited tremendously by being upgraded by a total of five notches since mid-2015 thanks to European Stability Mechanism (ESM) programs. This growth is marked by an improvement in public finances, and an overall decline in general government debts and deficits.