Moody’s, one of the world’s leading credit rating agencies, has raised Cyprus’ credit rating by two notches, from Baa2 to A3, returning it to the investment-grade “A” category for the first time since 2011. Cypriot President Nicos Christodoulides expressed his pride in this achievement, noting that it will enhance the attraction of qualitative foreign investments and create new opportunities.
This upgrade comes after the significant improvement witnessed by the country and reflected in financial indicators, including the strength of the services sector and the reduction of the public debt ratio, which enhances Cyprus’ position as a reliable investment destination.
Moody’s also expects economic growth to continue in Cyprus, due to the reforms and investments linked to national plans and stability in the banking sector, and pointed out that Cyprus has succeeded in achieving one of the largest debt reduction rates in the world since its high levels in 2020.
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