March 17 (Reuters) - S&P Global Ratings:
* S&P revises Cyprus sovereign credit outlook down to stable from positive; current rating is BB+
* S&P says expect Cypriot economy will expand by about 2.7% this year and maintain average annual growth at just under 2.5% between 2018-2020
* S&P says stable outlook balances view of Cyprus' fiscal, economic progress against unusually high levels of non-performing loans in its financial sector
* S&P says forecast investment activity to accelerate with foreign private-sector funding contributing to projects in the tourism, energy sectors
* S&P says "think that the sovereign's budgetary position will on average show a small surplus over 2018-2020"
* S&P says raised its foreign and local currency long-term sovereign credit ratings on the republic of Cyprus to 'BB+' from 'BB' Source text: bit.ly/2nhQ0WB