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According to Costas Tsielepis, Cyprus’ Ba2 ratings’ stable outlook balances the country’s strong fiscal dynamics against higher public expenditure pressures r delivery within 2019, followed up by phase two in 2020 According to Costas Tsielepis, Cyprus’ Ba2 ratings’ stable outlook balances the country’s strong fiscal dynamics against higher public expenditure pressures r delivery within 2019, followed up by phase two in 2020

Moody’s Upgrades Cyprus’ Ratings to Ba2 from Ba3

Moody`s Investors Service upgraded the government of Cyprus’ long-term issuer rating to Ba2 from Ba3, as reported by audit, tax and advisory specialist Costas Tsielepis & Co.

According to the company, all senior unsecured bond and programme ratings have also been upgraded to Ba2 and (P)Ba2, respectively while Cyprus’s short-term ratings have been affirmed at Not Prime (NP) and (P)NP.

The outlook on Cyprus’s ratings has been changed to stable from positive, Costas Tsielepis & Co noted.

According to Moody’s, the upgrade of Cyprus’ ratings to Ba2 from Ba3 was driven by a number of factors, such as the ongoing recovery of the banking system, in the context of which the liquidation of Cyprus Cooperative Bank via the sale of its healthy assets and liabilities has materially reduced systemic risks emanating from the banking sector.