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Moody’s Upgrades Cyprus Bonds

Moody`s Investors Service has upgraded Cyprus` government bond rating by two notches to B1 from B3  and declared the outlook is stable on November 15. Cyprus`s short-term rating was affirmed at Not-Prime (NP).

According to CNA “The key drivers for the upgrade according to Moody’s announcement, are:
1) The faster than expected economic recovery and the expectation of a continued more broad-based growth that extends beyond exports. Moreover, the economy has demonstrated resiliency to external risks, emanating from Greece (Caa3, stable) and Russia (Ba1, negative). After three years of contraction, real economic growth is expected to reach 1.2% in 2015 and 1.4% in 2016. Moreover, medium-term growth is expected to be more balanced, supported by a recovery in domestic demand helped by a stabilisation of the financial sector, improved competitiveness and the implementation of structural reforms.”

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