Cyprus hails Moody's two-notch credit rating upgrade bringing the country into investment grade

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NICOSIA, Cyprus (AP) — Cyprus on Saturday hailed a two-notch upgrade by credit ratings agency Moody’s to bring the east Mediterranean island nation back into investment-grade territory a decade after a financial crisis left the country on the brink of bankruptcy. President Nikos Christodoulides said he was “deeply satisfied” with the upgrade that he said was the culmination of years of fiscal discipline and will translate into attracting quality foreign investment and creating new jobs. “We unwa

NICOSIA, Cyprus — Cyprus on Saturday hailed a two-notch upgrade by credit ratings agency Moody’s to bring the east Mediterranean island nation back into investment-grade territory a decade after a financial crisis left the country on the brink of bankruptcy.

“We unwaveringly continue on this path as a government … and so we will carry on with our governance,” Christodoulides said in a written message. “We will carry on buttressing our economy and expanding its dynamic course.” The agency pointed to “sustained structural improvements” in the labor market, a rebound in public and private investments, a continuing drop in public debt and a jump in productivity that resulted in economic growth by more than 4% between 2014-2023.

It warned that profligate government spending and a jump in the public debt would potentially put “downward pressure” on the credit rating.

 

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