Brincat on Moody's report

Labour Party spokesman on the economy and finance Leo Brincat said yesterday Moody's report on Malta not only confirmed the negative outlook given since 1999 but showed that Malta's economic problems were at the forefront of Moody's reservations.

In its latest update opinion, issued in June, leading credit agency Moody's says that Malta's foreign currency as well as domestic currency ratings were A3/Prime-2, reflecting moderate external debt and adequate foreign liquidity.

Mr Brincat said that Moody's main reservations were mainly the lack of economic diversification, the lack of economic expansion in the last year, little or no improvement over the fiscal deficit and the increase of public debts, among other factors.