Moody’s turns Cyprus view to positive

Moody’s Investors Service said it changed its outlook for the government of Cyprus to positive from stable and affirmed its long-term foreign-currency and local-currency issuer and the local-currency senior unsecured ratings at Ba1. Concurrently, the agency also affirmed the foreign-currency and local-currency senior unsecured medium-term note program ratings at (P)Ba1.

Moody’s noted the reduction in Cyprus’ fiscal deficit by four percentage points to 1.7% of GDP, stronger-than-expected economic resilience to Russia's invasion of Ukraine, and a strengthening banking sector.

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