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Moody's upgrades Cyprus and Malta following entry to Eurozone

January 08, 2008 | Cbonds

Moody's Investors Service today upgraded the foreign and local currency government bond ratings of Cyprus to Aa3 from A1 and Malta to A1 from A2. The outlook on these ratings was changed to stable from positive.

The countries joined the Eurozone on January 1. Accordingly, the country ceilings for debt and bank deposits of both Cyprus and Malta were also withdrawn and replaced with the Eurozone's regional Aaa ceilings, which have a stable outlook.

These rating actions had been clearly signalled by Moody's since mid-2007, following the European Commission's approval of the countries' entry into the Eurozone.

"Moody's views the adoption of the euro by Cyprus and Malta as a significant credit positive because it all but eliminates the risk of a currency crisis, thereby insulating their economies from external financial shocks," said Tristan Cooper, Vice President and Senior Analyst in Moody's Dubai office. Moody's views on this issue are more fully explained in a Special Comment entitled "The European Union's ERM2 Experience Justifies Some Credit Enhancement," published in March 2006.

Today's rating actions on the countries' government bonds are further supported by the strengthening economic fundamentals of Cyprus and Malta.

"In recent years, both countries have successfully implemented fiscal consolidation programmes that have narrowed their fiscal deficits and reversed the previous upward trend in their public debt. The gross general government debt burdens of Cyprus and Malta have now dropped just below the Eurozone average," added Mr. Cooper.

Società: Cyprus

Nome completo della societàRepublic of Cyprus
Paese di registrazioneCyprus


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