Moody’s up­grades Cyprus bond rat­ings

China Daily (Hong Kong) - - BUSINESS -

Moody’s In­vestors Ser­vices has up­graded the long-term gov­ern­ment bond rat­ings of Cyprus to Ba3 from B1. “The de­ci­sion to main­tain a pos­i­tive out­look on the rat­ing of Cyprus re­flects Moody’s view that im­prove­ments in eco­nomic re­silience and con­tin­u­ing fis­cal out-per­for­mance are likely to be sus­tained,” said a state­ment. It also said that it ex­pects the coun­try’s sovereign debt to be brought down to 95 per­cent of GDP by 2020 from its 2016 level of 108 per­cent.

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