Moody’s credit rating upgrade for Cyprus opens the door to investment, president says

NICOSIA, Cyprus (AP) — The president of Cyprus says Moody’s two-notch credit ratings upgrade to A3 from Baa2 will open the threshold to quality foreign investment that will generate new jobs. President Nikos Christodoulides said Saturday that the rating agency’s action reflects his government’s efforts at cementing Cyprus’ reputation as a credible investment destination through disciplined fiscal policy, banking sector stability and financial reform. Finance Minister Makis Keravnos said the upgrade marks the first time that Moody’s has elevated Cyprus back into the upper medium grade investment category since 2011, when a brewing financial crisis brought the country to the brink of bankruptcy.