(MENAFN) The Moody's ratings agency has approved the island's Caa3 credit rating, raising its outlook for Cyprus to positive, according to Arab News
The strong raising of the outlook resulted from a higher-than-expected economic performance in 2013
Moody's said that the country's middle-range junk bond status was being confirmed because of "the persistent risks that remain to Cyprus's public finances and their sustainability over the medium term as a result of significant uncertainties to the prospects for the macroeconomy and banking sector.
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