Fitch downgrades Cyprus over threat of Greek contagion

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Fears that the effects of the sovereign debt crisis in Greece may be felt in neighbouring Cyprus prompted rating agency Fitch, on Tuesday, to downgrade the island's credit rating three notches.

Fitch cut its long-term credit rating of Cyprus from AA- to A-, four notches above non-investment grade. The agency also placed the country on negative outlook. "The downgrade reflects the severity of the crisis in neighbouring Greece and the risk this poses for the Cypriot banking system, and

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