Cyprus downgraded to junk status

International ratings agency Moody’s has downgraded Cyprus’s credit rating by one notch to Ba1.

Cyprus downgraded to junk status
Tue, 13 Mar, 2012 - 07:52

International ratings agency Moody’s has downgraded Cyprus’s credit rating by one notch to Ba1.

The move pushes the island into junk status amid heightened concerns that its large banking sector will need state support over its heavy exposure to debt-laden Greece.

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