The global economic downtown has taken its toll on many nations and Cyprus is one such country who has had a tough time of it lately. With close financial links to Greece the banks had high exposure to Greek debts and bad investment choices also left the country in a poor position but it looks like things might finally be on the up for the small island nation.

After a near brush with bankruptcy the rating’s agency Moody’s downgraded the country’s rating from B3 to Caa3 in January 2013 and international creditors had to grant Cyprus a 10billion euro ($13.8 billion) bailout in March of the same year. Public understanding coupled with the government’s willingness to meet guidelines and conditions set by their creditors seems to be paying dividends as Moody’s upgraded the country’s economic outlook from negative to positive.

Still languishing with a Caa3 credit rating there is still some way to go before the island is back on track but Moody’s did confirm it would consider upgrading the country’s rating once again if further progress were to be made.