Good news for Cyprus

Moody – the international rating agency, has decided to upgrade

Cyprus’ government bond rating from B1 to B3.
This is great news for Cyprus who suffered a few years ago from a downgraded rating and huge problems in major banks on the island.

There were 2 main reasons for this surprising development:

Strong economic recovery from the last crisis that took place in 2013, and high increase of growth in 2015. The economic recovery is a result of hard work in implementing structural reforms founded on the island.
Ongoing improvements with Cyprus fiscal goals has caused a decrease in the public debt ratio. Moody is quite optimistic regarding Cyprus’ debt ratio which is currently below 100%, and hopefully in the next several years will further decrease to 80%.

Overall, this is good news for Cyprus and it reflects the returning of Cyprus to the center of the financial hub in Europe.

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