Cyprus is hailing a two-notch upgrade by credit ratings agency Moody’s that has brought the east Mediterranean island nation back into investment-grade territory a decade after a financial crisis left the country on the brink of bankruptcy.
The agency pointed to “sustained structural improvements” in the labor market, a rebound in public and private investments, a continuing drop in public debt and a jump in productivity that resulted in economic growth by more than 4% between 2014-2023.
It warned that profligate government spending and a jump in the public debt would potentially put “downward pressure” on the credit rating. The ministry said in a statement it would continue on a “responsible” management of the economy despite the continued challenges the country faces including the war in Ukraine, inflationary pressures and an energy crisis.
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