Cypriot President Nicos Christodoulides said he was proud of this development.
While rating agencies are monitoring France’s public finances with concern, the Moody’s agency has twice raised the credit rating of the Republic of Cyprus, placing it for the first time since July 2011 in the A’ rating category. credit, more precisely in category A3.
This double increase reflects, according to the Cypriot Ministry of Finance, the substantial improvement in budgetary ratios and public debt, which should remain stable.
According to the rating agency, Cyprus has significantly reduced its public debt ratio from the high levels of 2020, placing it among the countries that have reduced their debt the most in the world.
It even expects debt ratios to continue to fall in the medium term, favoring the continued strengthening of public debt sustainability.
Furthermore, it notes that economic growth rates are strong, thanks to the steady expansion of high-productivity service sectors, supported by business relocation, net migration, FDI and related reforms and investments. to the national economic policy reform program.
The change in the outlook for the economy from positive to stable reflects the balance of risks. Furthermore, it expects risks related to the banking sector to remain contained, given the significant strengthening of the credit profile of Cypriot banks in recent years and the ongoing reduction in banking sector leverage.
Satisfaction of Nicos Christodoulides
The President of the Republic of Cyprus, Nicos Christodoulides, expressed his satisfaction.
“Today’s extremely important double upgrade by the Moody’s rating agency is a vote of confidence in the government’s policies and in our country’s economy”he declared.
“Responsible tax policy, financial sector stability and continued reforms, which are at the heart of our policies, are yielding positive results. Today’s great success is the result of a collective effort, above all of the people Cypriot.”
The new upgrade paves the way for significant prospects, while strengthening the attraction of quality investments that contribute to the creation of new jobs, as well as the government’s efforts to make our country an investment destination reliable and quality.