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NICOSIA Mitch Morse Hoodie , Oct. 25 (Xinhua) -- Rating agencies Fitch, Standard & Poor's have upgraded Cyprus's ratings, citing a better than expected performance of the economy, according to statements made available in Nicosia on Saturday.


Cyprus is in the second year of a three-year economic adjustment program following its bailout by the Eurogroup and the International Monetary Fund (IMF) in March, 2013.


The eastern Mediterranean island received a 10-billion-euro (12.7 billion U.S. dollars) package which plucked it off the brink of bankruptcy following years of mismanagement of public finances and its shutting out of international markets in mid-2011.


Fitch upgraded Cyprus's outlook to positive from stable Chris Jones Hoodie , citing better than expected public finances performance and smaller budget deficits.


The agency also affirmed its long-term foreign and local currency Issuer Default Ratings (IDRs) at "B-", as well as the issue ratings on Cyprus's senior unsecured foreign and local currency bonds at "B-".


It said developments in public finances continued to materially exceed its April previous expectations due in part to a shallower recession and a substantially lower public deficit as a result of strong performance by tourism and the services sectors.


Fitch expects the recession to last longer than assumed under the EUIMF program, with the economy projected to shrink by around 0.8 percent in 2015.


Standard & Poor's Ratings Services raised its long-term foreign and local currency sovereign credit ratings for Cyprus to "B+" from "B" and also affirmed the short-term foreign and local currency ratings at "B".


It said Cyprus's outlook remains at stable.


"Cyprus is strongly committed to its economic adjustment program, "