Cyprus edges closer to ‘junk’ rating

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Fitch Ratings downgraded the Republic of Cyprus's long-term foreign and local currency issuer default ratings to BBB from A- on Wednesday.

The outlook on the long-term issuer default rating was also labelled "negative" by the ratings agency. This is the second time in four months that the agency has downgraded the country's rating.

"The two-notch downgrade of Cyprus's rating to BBB reflects the actual and anticipated fiscal slippage, compounded by Fitch's expectation that the sovereign will be u

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