The double upgrade of the Republic of Cyprus by Moody’s Ratings is the result of the government’s prudent economic and fiscal policy, Finance Minister, Makis Keravnos, said on Saturday in a written statement.

Expressing his “satisfaction” for the new double upgrade of the credit rating of the Republic of Cyprus by Moody’s to category A3, the Minister noted that this was the first time since 2011 that the Republic of Cyprus has been rated at grade A.

“The double upgrade by Moody’s, as well as the previous upgrades of the past year by all the rating agencies with which Cyprus maintains contractual relations, is the result of the prudent economic and fiscal policy implemented by the government”, he said.

This policy, he added, “allows us to create conditions of economic security for citizens and entrepreneurs and to implement a social policy that supports and relieves vulnerable groups and the lower middle class”, the Minister concluded.

Moreover, noting the upgrade, Cyprus’ Finance Ministry said in a press release that Moody’s proceeded with a double upgrade of the credit rating of the Republic of Cyprus, classifying it for the first time since July 2011 in category A, specifically in grade A3.

The double upgrade reflects the substantial improvement in fiscal and public debt ratios, which are expected to remain stable, it noted.