News Headline Summary

Fitch downgrades Cyprus to BB- from BB+; outlook negative

Analysis details (18:41)

- Reflects the materially weaker macroeconomic outlook, a fiscal budget that has significantly under performed and the the continually high level of uncertainty over the economic outlook and in particular over the costs associated with bank recapitalisation.

- S&P has the rating at B
- Moody's have the rating at B3

21 Nov 2012 - 18:36 - - Source: Newswires

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