VALLETTA, Oct. 14 (Xinhua) -- Credit agency Standard & Poor's (S&P) on Friday upgraded Malta's long-term rating to A minus from BBB plus.
This is the first upgrade Malta has received in 20 years from S&P, Malta's Prime Minister Joseph Muscat tweeted.
S&P said the upgrade reflects Malta's improved credit metrics, including strong GDP growth that expected to be average 3 percent in 2016-2019.
The agency also cited consistent improvement in qualitative and quantitative fiscal performance, with general government deficits below 1 percent in 2016-2019 and tighter management of contingent liabilities.
S&P stated that Malta is in the midst of one of the strongest medium-term economic expansions in the eurozone, with the second-highest average GDP growth rate in 2010-2015 (after Ireland) and the third-highest expected real GDP growth in 2016-2019.
By the end of this year, the agency anticipates that Malta's economy will exceed pre-2009 levels by more than 25 percent.
