News Headline Summary

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

Update details:

- 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

Print 17:36, 21 Nov 2012 - Rating Agency comments - Source: Newswires