Moody’s downgrades Cyprus to junk status


Moody's Investors Service today (March 14) downgraded Cyprus's government bond ratings to junk status, quoting fears over the country's banks' exposure to Greece as one of the reasons.

The rating agency dropped the government bond rating by one notch to Ba1 from Baa3 and assigned a negative outlook to the ratings. Moody's also downgraded Cyprus's short-term rating to not-prime from prime-3.

Moody's described two "key drivers" for its actions. The first was "the increased risk that the Cypriot

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