Moody's downgrades Cyprus to junk status
(AP) – 1 day ago
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.
KevEdited: 15 March 2012, 18:57