Moody’s rating agency has affirmed an A3 rating for Malta and confirmed that Malta’s outlook has remained stable, the government said in a statement.

Moody’s noted that Malta’s economy is strong, especially with regard to competitiveness, and added that structural reforms had helped Malta’s economic potential, the government added.

Malta exceeded expectations in 2015, and Moody’s is expecting a 3.7% growth over the next two years. This is higher than the European average, the government said.

Moody’s praised Malta’s progress to reduce dependency on oil in the generation of electricity, the government said.

It predicted that by 2017 national debt would be cut down to below 60% of GDP, the statement said

In a separate statement, the Ministry for Finance said it welcomed the latest rating by the international credit rating agency Moody’s re-affirming Malta’s rating at A3 with a stable outlook.

The ministry noted that the main factors underpinning Moody’s rating were Malta’s resilient economy, its competitiveness level, the recent structural reforms, the elevated wealth levels and its ability to absorb future shocks. Other factors determining the rating included Malta’s fiscal strength, its decreasing debt burden and the resilience of Malta’s very large banking system.

Minister for Finance Prof Edward Scicluna states that, “once again we welcome this positive rating, while paying particular attention to those determinants which could change the rating. The Government is determined to continue addressing those factors which enable the country achieve a rating upgrade.”