Moody’s revises Malta to positive

Moody's Investors Service said it changed the outlook on Malta's ratings to positive from stable and affirmed the A3 long-term issuer, senior secured and senior unsecured debt ratings.

Moody's said the outlook change reflects: (a) Malta's improving fiscal strength, due to a sustained pace of public sector debt reduction supported by prudent fiscal policy and containment of contingent liabilities; and (b) robust medium-term growth prospects supportive of further improvements in fiscal metrics in the future.

In a related action, the agency affirmed the senior unsecured rating of Freeport Terminal (Malta) Ltd. at A3 and revised the outlook to positive from stable, in line with the sovereign's ratings. The senior debt instruments issued by Freeport Terminal (Malta) are backed by unconditional and irrevocable guarantees from the Maltese government.

Malta's local-currency bond and deposit ceilings and long-term foreign-currency bond and deposit ceilings are unchanged at Aaa. The short-term foreign currency bond and deposit ceilings are also unaffected and remain Prime-1.

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