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By Stephen Nakrosis
Moody’s Traders Service mentioned Friday it was elevating its outlook on Cyprus to constructive from secure and affirming the long-term foreign-currency and local-currency issuer and the local-currency senior unsecured rankings at Ba1.
Moody’s cited Cyprus’ enhancing debt and monetary metrics as a driver of its resolution. Moody’s mentioned financial restoration final yr noticed a discount of the fiscal deficit by 4 proportion factors, to 1.7% of GDP. “Cyprus’ already favorable debt affordability metrics will probably enhance additional, helped by a positive debt construction and lengthy maturity of the debt,” Moody’s mentioned.
The company additionally mentioned Cyrpus’ stronger-than-expected financial resilience to Russia’s invasion of Ukraine and the pandemic have been elements affecting its resolution.
Moody’s mentioned it “expects that Cyprus’ public debt burden will proceed to pattern down quickly within the coming years,” and it at the moment forecasts a debt ratio of round 88% of GDP in 2023.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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