Fitch downgraded Cyprus to ‘B’ with negative outlook

Fitch downgraded on Friday evening Cyprus’s Long-term foreign and local currency Issuer Default Rating (IDRs) by two notches to ‘B’ from ‘BB-‘ with a negative outlook. The downgrade partially reflects the agency’s view that the size of the government support to the banking sector is likely to be higher than previous Fitch estimates, which mainly…

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