Today: December 14 2018
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Cyprus will get rid of the "garbage" status

Cyprus will get rid of the "garbage" status

Tags: Cyprus, Economics Rating

In early February, the rating agency Moody's will assign a rating to the economy of Cyprus, thereby opening the way for a range of rating actions that are expected to eventually bring Cyprus securities from "junk" to investment status.

Cyprus, burdened by a bloated banking sector and a recession, has moved into the category of countries with a "junk" rating in 2012, having lost access to international borrowing markets. As a result, the Cypriot government was forced to resort to a program of financial assistance from the EU and the IMF, but already in 2016, Cyprus was able to withdraw from the program. With this in mind, the government hopes to return its investment status to 2018 in XNUMX.

If this happens, the yield of Cyprus bonds will continue to decline, which means even lower debt service costs than the record low value of 2017. In addition, Cyprus bonds will be able to participate in the program of quantitative easing of the European Central Bank.

Moody's will be the first agency rating Cyprus in 2018 year: the agency's estimate will be announced on 2 February. It will be followed by S & P 16 March and Fitch 20 April. The first stage of the rating actions will be completed by the evaluation of DBRS 25 in May.

The second stage will begin Moody's 27 July, followed by S & P 14 September, Fitch 19 October and DBRS 23 November.

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