Moody’s Upgrades Cyprus 1 Notch to Ba2 on Banking Recovery

July 28, 2018

ATHENS, Greece (AP) — International agency Moody’s has raised Cyprus’ credit rating by one notch to Ba2 because of the ongoing recovery of the island-nation’s banking sector and its strong economic growth and fiscal surplus.

The upgrade puts Cyprus just two notches below investment grade.

Moody’s said in a statement Friday the take-over of the troubled, state-owned Cooperative Bank by Cyprus-based Hellenic Bank has bolstered the banking system’s recovery.

It also said that strong economic growth and a large fiscal surplus is helping the country cope with its large debt load that will peak this year at 107 percent of gross domestic product, but will begin falling in 2019.

The agency warned that Cyprus’ banking sector still faces challenges since over half of loans to Cypriot households are non performing.


NICOSIA - Six years after Cyprus approved cremation, the country's first crematorium is due to start use by 2024 after applications for its construction were approved by the environment department.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


After Amazon, Google’s First Cloud Region Coming to Greece

ATHENS - Despite having a costly Internet that’s the slowest in the European Union, Greece is continuing to attract high-tech giants, with Alphabet’s Google planning to create its first cloud region in the country.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.