MINISTER FOR FINANCE ADDRESSES THE PRESS ABOUT THE IMPORTANCE OF DBRS’ AND MOODY’S RATINGS

Reference Number:  PR180426, Press Release Issue Date: Feb 27, 2018
 
During a press conference at the Ministry for Finance, Minister Edward Scicluna said that one should not fear and get used to economic growth, especially when keeping in mind that inflation is under control. Minister Scicluna was commenting on the upgrades by DBRS—to an A (High)—and a change in outlook to positive from stable by Moody’s. 

Minister Scicluna said that the key drivers behind such ratings are the reduction in debt and contingent liabilities mostly tied to the Malta Freeport and Enemalta. 

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The Minister remarked that the present Government inherited this debt and liabilities from previous administrations and is doing everything in its power to decrease them.

Minister Scicluna said that both rating agencies were impressed with the fact that the Maltese Government managed to reduce debt from over seventy percent to slightly over fifty per cent, and thus reduced the country’s risks.
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When mentioning future prospects, the Minister said that should Malta continue with its present performance, rating agencies will upgrade us further.

He said that these upgrades will enhance Malta’s attractiveness to foreign investors.

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Minister Scicluna also explained that the Government is working on registering a balanced budget while investing the IIP funds for long-term investments.