On November 23, 2024, Moody's announced the restoration of Cyprus' credit rating to 'A3', marking the first upgrade since 2011. This significant improvement is attributed to the country's successful reduction of its public debt ratio since 2020, alongside enhanced fiscal metrics and a stable medium-term economic outlook [3534ff38].
President Nikos Christodoulides emphasized the importance of maintaining responsible fiscal policies and implementing necessary reforms to achieve this upgrade. Finance Minister Makis Keravnos noted that the upgrade reflects the government's commitment to prudent economic management, particularly following the recent decision to end across-the-board electricity subsidies [3534ff38].
This upgrade comes in the context of broader financial trends, including Toronto's recent credit rating increase to AA+ by S&P Global on October 23, 2024, which was influenced by the city's Updated Long Term Financial Plan and substantial government support [4fa26777]. Meanwhile, Finland's long-term debt rating remains stable at 'AA+' despite demographic challenges, and Oman regained its investment-grade rating from S&P, upgraded to 'BBB-' on September 27, 2024, due to improvements in public finances [232177fe][903a4605].
The contrasting financial landscapes of these regions highlight the varying approaches to economic management and the impact of fiscal responsibility on credit ratings globally.