Moody’s improves Cyprus outlook

Moody’s Investors Service’s positive outlook on Cyprus’s credit rating “is an indication that we are on the right track,” Christos Patsalides, permanent secretary of the Cypriot ministry of finance said.

The ratings agency cited Cyprus’s performance in meeting the conditions of its international bailout as a reason for raising its outlook to positive from negative.

“This is an important development even though we are in the early stages of implementing the economic adjustment programme,” Patsalides said yesterday.