Moody’s Upgrades Cyprus’ Ratings To Ba2 From Ba3

17/08/2018

Moody`s Investors Service upgraded the government of Cyprus’ long-term issuer rating to Ba2 from Ba3, as reported by audit, tax and advisory specialist Costas Tsielepis & Co.

According to the company, all senior unsecured bond and programme ratings have also been upgraded to Ba2 and (P)Ba2, respectively while Cyprus’s short-term ratings have been affirmed at Not Prime (NP) and (P)NP.

The outlook on Cyprus’s ratings has been changed to stable from positive, Costas Tsielepis & Co noted.

According to Moody’s, the upgrade of Cyprus’ ratings to Ba2 from Ba3 was driven by a number of factors, such as the ongoing recovery of the banking system, in the context of which the liquidation of Cyprus Cooperative Bank via the sale of its healthy assets and liabilities has materially reduced systemic risks emanating from the banking sector.