Loading...
topic
HOME  /  NEWS  /  CYPRUS’ CREDIT WORTHINESS UPGRADED BY MOODY’S

News

Search News
Cyprus’ credit worthiness upgraded by Moody’s

Cyprus’ credit worthiness upgraded by Moody’s

Moody’s ratings agency has upgraded Cyprus’ credit worthiness from negative to positive, citing the island’s strong fiscal and economic performances in 2013 and the authorities’ track record of meeting conditions under the 2013 funding programme by Troika.

Moody’s affirmed Cyprus Caa3 rating to reflect the still-elevated risk of Cyprus defaulting on its debt, or undergoing debt restructuring over the medium term given the highly interrelated economic, banking sector and public finance risks it continues to face. Moody’s also confirmed that the main reason for their decision to change the outlook to positive was Cyprus’ better-than-expected economic and fiscal performances in 2013.

The Cypriot economy contracted by 5.4 per cent in constant prices in 2013, “exceeding estimates from both Moody’s and the European Commission.” This, together with the implementation of fiscal-consolidation measures, is expected to have reduced the general government deficit to 5.4 per cent of GDP in 2013 from 6.4 per cent in 2012, according to Moody’s estimates.

Related News

We are looking to recruit a highly motivated and responsible individual with a positive approach, and excellent communication and interpersonal skills, who should be able to work under pressure and demonstrate ...
We are delighted to announce that our members, Andreas Erotocritou and Antreas Koualis, have been recently recognised as recommended global leaders in the Asset Recovery sector by the directory.
We are delighted to announce that our firm has been recognised by IFLR1000 as one of the leading firms in Cyprus for 2022 in the financial and corporate sector.