
Moody's Investors Service has changed the outlook on Cyprus' Caa3 government bond rating to positive from negative, a statement made available in Nicosia on Saturday said. The statement cited as reasons for its change of outlook the stronger-than-expected fiscal and economic performances of Cyprus in 2013 and the Cypriot authorities' track record of meeting conditions under the Troika funding program. "This increases confidence that it will continue to benefit from this support", the statement said. Cyprus received a 10-billion euro(14-billion-U.S. dollar) bailout assistance from the Eurogroup and International Monetary Fund a year ago, which involved the resolution of its banking system with the first-ever bank bail-in -- the use of depositors' money to recapitalize banks. This model of recapitalization was adopted as official European Union policy at a two-day EU summit meeting which ended on Friday. Moody's said it affirmed Cyprus' Caa3 bond rating because "of the persistent risks that remain to Cyprus' public finances and their sustainability over the medium term as a result of significant uncertainties to the prospects for the macro-economy and banking sector. However, Moody's said it has raised the local and foreign-currency bond ceilings of Cyprus to Caa1 from Caa2, reflecting a lower likelihood of exit from the euro area as the country achieves its targets under the Troika program.
GMT 09:43 2018 Tuesday ,23 January
Global unemployment down but working poverty rampantGMT 15:13 2018 Sunday ,21 January
All you need to know about Davos 2018GMT 22:33 2018 Saturday ,20 January
Calls for action over dirty money flowingGMT 04:42 2018 Saturday ,20 January
Storm caused 90 mn euros in damage: Dutch insurersGMT 07:06 2018 Friday ,19 January
China economy rebounds in 2017 with 6.9% growthGMT 11:35 2018 Thursday ,18 January
'Massive' infrastructure spending needed in AfricaGMT 14:29 2018 Wednesday ,17 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 18:55 2018 Tuesday ,16 January
London stock market edges to new high

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor