Moody's lifts Cyprus from junk

Moody's Investors Service said it upgraded the Government of Cyprus' long-term issuer and senior unsecured ratings to Baa2 from Ba1. Concurrently, Moody's upgraded the country’s senior unsecured medium-term note program ratings to (P)Baa2 from (P)Ba1 and upgraded the commercial paper rating to P-2 from Not Prime (NP) and the other short-term rating to (P)P-2 from (P)NP.

The outlook has been changed to stable from positive.

Moody’s said the two-notch upgrade of Cyprus' ratings to Baa2 from Ba1 reflects broad-based, sustained improvements in its credit profile because of past and ongoing economic, fiscal, and banking reforms.

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