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Cyprus Downgrade

Paphos, Cyprus
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Cyprus Downgrade

Moody's downgrades Cyprus to junk status

(AP) – 1 day ago

NICOSIA, Cyprus (AP) — International credit ratings agency Moody's downgraded euro member Cyprus to junk status Tuesday on heightened concerns over its banking sector's exposure to Greece.

The agency cut its rating on Cyprus by one notch to Ba1 and assigned a negative outlook, meaning that further downgrades are possible.

Moody's is the second agency to push the island nation's credit rating to junk after Standard & Poor's in January. Fitch rates Cyprus a notch above junk.

The downgrades have effectively shut Cyprus out of the international markets, prompting it to seek a euro2.5 billion ($3.3 billion) low-interest loan from Russia to meet its financing needs for this year.

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Kev

Edited: 15 March 2012, 18:57
1. Re: Cyprus Downgrade

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