Moody’s Investors Service has upgraded Cyprus’s credit ratings to investment grade for the first time in over 11 years, by raising its status two notches up, from Ba1 to Baa2, according to a statement issued by the agency late on Friday. The agency also changed the outlook of the Cypriot economy from stable to positive. Cyprus’s government, in statements by President Nikos Christodoulides and Finance Minister Makis Keravnos, hailed the upgrading as a significant event which will translate into new opportunities and further investments. Canadian agency DBRS, which was the first to raise Cyprus’s ratings to investment grade since September 2021, also upgraded its ratings late on Friday by one notch from BBB (low) to BBB (high), citing the steady drop of the public debt.—Xinhua
