Moody's upgrades Cyprus, Malta

Moody's Investors Service said it upgraded the long-term foreign- and local-currency government bond ratings and the long-term country ceilings for foreign-currency bank deposits of Cyprus and Malta. Cryprus' ratings were upgraded to A1 from A2, and Malta's ratings were upgraded to A2 from A3.

This concludes the review for upgrade that began May 17, and the outlook is positive.

"Moody's views the eventual adoption of the euro by these two countries as a credit positive because it will all but eliminate the risk of a currency crisis and thereby isolate their economies from external financial shocks," Tristan Cooper, vice president and senior analyst in Moody's London office, said in a written statement. The ratings are also supported by the countries' stronger economic fundamentals, Moody's said.

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