News Headline Summary

S&P lowers Cyprus to SD from CCC

Says:
- Could raise Cyprus' rating as early as next week.

Reaction details (22:14)

- No movement seen in EUR/USD following this downgrade, as it follows Fitch earlier today and is largely expected.

Analysis details (22:14)

- This follows Fitch earlier who affirmed Cyprus's long-term foreign currency IDR; outlook negative but downgrades their local currency IDR to 'restricted default' from 'CCC'.
- These rating changes are in response to the exchange of a number of domestic law government bonds by the Cypriot government.

28 Jun 2013 - 22:09 - - Source: Newswires

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