Cyprus gets unexpected boost: Rating agency gives rare double upgrade
Cyprus credit rating jumps two levels up to A3 marking its first A-grade in over a decade. Countries debt reduction efforts and smart money-handling got noticed by top rating firm Moodys
Moodys rating agency made a big-time move by pushing Cyprus up two steps to A3 rating which hasnt happened since early-2010s. Its a super-rare double-jump that shows how well the island-nation is doing
Nikos Christodoulides‚ the islands leader wrote about it: “Our careful money moves and bank clean-up work is paying off big time.“ He added that its a team-win (mostly thanks to local folks who worked hard)
The road wasnt easy though — about 11 years ago Cyprus got hit with some rough stuff: a big boom at an ammo dump; greek debt problems and bank troubles that made them ask for help from outside. The fix-up plan was tough: they had to close one big bank and take some peoples savings from another one
Now Cyprus is doing much better with its money game; its debt went way down since covid times — one of the best improvements world-wide. The banking sector got fixed up nice and steady: keeping things simple but safe is their new way-of-doing-things
A prudent fiscal policy stability in the financial sector and the constant reforms at the core of our policies is reaping positive results
