Cyprus Gains Confidence Boost with Moody's Debt Upgrade

Cyprus received a two-notch upgrade from Moody's, elevating its debt status to A3 due to significant fiscal improvements. President Christodoulides praised the collective effort of the Cypriot people, marking the first 'A' category rating since 2011, following economic challenges and a 2013 bailout.

Moody's Investors Service has boosted Cyprus' economic standing by upgrading its debt rating to A3 from Baa2, highlighting significant fiscal improvements. The upgraded rating marks Cyprus' return to the 'A' category for the first time since 2011, reflecting a robust vote of confidence in the island's financial management.

President Nikos Christodoulides lauded this development as a result of prudent fiscal policies, ongoing financial sector stability, and continuous reforms. He emphasized that the improvement was a collective accomplishment largely attributable to the dedication of the Cypriot people.

After facing severe financial challenges, including a bailout in 2013 due to fiscal slippage and exposure to Greece's debt crisis, Cyprus has managed to substantially reduce its government debt ratio. This achievement places it among the leading countries globally in debt reduction since 2020, according to Moody's.

(With inputs from agencies.)