News Headline Summary

S&P lowers Cyprus to SD from CCC

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

Update details:

- 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.

Reaction details:

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

Print 18:10, 28 Jun 2013 - Rating Agency comments - Source: Newswires