Cyprus hails Moody’s two-notch credit rating upgrade bringing the country into investment grade

NICOSIA, Cyprus (AP) — Cyprus is hailing a two-notch upgrade by credit ratings agency Moody’s that has brought the east Mediterranean island nation back into investment-grade territory a decade after a financial crisis left the country on the brink of bankruptcy. President Nikos Christodoulides said Saturday he was “deeply satisfied” with the upgrade that was the culmination of years of fiscal discipline and that he said will translate into attracting quality foreign investment and job creation. Moody’s said the upgrade from Ba1 to Baa2 is due to previous and continuing economic, fiscal and banking reforms, as well as a significant drop in bad bank loans. The upgrade brings Cyprus to investment-grade level according to all major credit rating agencies by at least two notches.