Public debt and financing: - Standard & Poor’s upgraded the Republic of Cyprus on the 23rd of September by one notch from B+ to BB- and assigned a positive outlook citing the significant progress shown in the fiscal performance and the removal of capital controls. - The volume of issued Treasury Bills has been reduced significantly by the PDMO as the better than predicted fiscal situation has led to the creation of significant cash reserves. The initial target of maintaining €500 mln of short term debt has been revised to €400 mln, a target that was achieved during the last auction on the 2nd of October. Yields have been reduced significantly with the weighted average yield for 13-week Treasury Bills dropping to 1.58% from 1.87% in September. - Both the IMF and the ESM have decided to disburse the scheduled tranches (total €625 mln) in September/October 2015.