S&P Cuts Cyprus To B From BB

S&P downgraded Cyprus three notches further into junk territory. In June, Fitch cut its rating on Cyprus to double-B-plus, one level into junk territory. Moody's downgraded Cyprus's ratings to B3, placing it six levels into junk territory. The downgrade ended a review launched in June. The outlook is negative.


A further downgrade is possible if Cyprus's financing pressures escalate, S&P said.

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