Insider Business Government: Moody’s upgrade important for Cyprus economy and its prospect

Government: Moody’s upgrade important for Cyprus economy and its prospect

Government Spokesman Prodromos Prodromou said on Saturday that upgrades of the economy by international rating agencies are always important for the Cypriot economy and its prospects.

He was commenting on Moody’s upgrade of Cyprus rating to Ba2 from Ba3 on Friday.

The positive ratings, as he said “encourage investment activity in our country and the financing terms are improved in case external borrowing is needed.”

He further noted that Moody’s upgrade of Cyprus’ long-term issuer rating to Ba2 from Ba3, reflects the ongoing recovery of Cyprus’  banking system and the positive fundamental trend with respect to the government`s balance sheet.

He added that Moody’s expects that despite the one-off costs of the Cyprus Co-operative Bank transaction, the general government debt to GDP ratio would fall below 90% by the end of 2021, while confirming the prediction that Cyprus economy will continue to grow in the years to come.

Prodromou also mentioned that Moody’s notes that “Cyprus has taken an important step forward in the recovery of its banking sector in recent months” and points out the fall by about 1/3 of the bad loans.

“At the same time, however, we also note that the next assessments and the expected further upgrading will depend both on continued prudent fiscal management and on political actions,” Prodromou noted.

Finally he said that future positive ratings would come with the further reduction of non-performing loans in the system and the Government`s planned reduction of public debt.

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