Moody's Investors Service has upgraded Cyprus' government bond rating by two notches to B1 from B3. The outlook is stable.

The country's short-term rating was affirmed at Not-Prime. According to Moody's, the upgrade is due to a faster than expected economic recovery and a consistent outperformance on fiscal targets which led to a faster reversal in the public debt ratio.

Moody's expects a continued more broad-based growth that extends beyond exports. Further, the agency expects that real economic growth will reach 1.2% in 2015 and 1.4% in 2016. Furthermore, Moody's expects Cyprus to successfully exit the economic adjustment programme by mid-2016.




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