S&P's downgrades Cyprus' ratings
2012-12-21 10:10:10
Standard&Poor’s has downgraded Cyprus’ long-term rating to CCC+ from B, and its short-term rating to C from B. It has also issued a negative outlook.
Analysts say the risk of Cyprus’ debt default is considerable and rising as the country’s chances of taking out more loans are becoming more and more limited.
One month ago Nicosia said it had clinched a deal with international creditors, including the EU, the IMF and the ECB, under which Cyprus would be provided with the next tranches of financial aid.