More from FXstreet.com

Fitch downgrades Cyprus to 'B', outlook negative

By FXstreet.com,  January 25, 2013, 03:10:00 PM EDT

Fitch Ratings cut Cyprus' sovereign credit rating by 2 notches to 'B' from 'BB-', saying the government probably will have to increase support to the banking sector. The outlook on the long term debt is negative.

"Uncertainty regarding the capital needs of the cooperative banks remains. Including the latter, the total recapitalization costs of the banking sector could be up to EUR10 billion, although Fitch anticipates that this figure may include a degree of headroom ", Fitch said in a statement.

Cyprus is rated 'CCC+' with a negative outlook by S&P and 'Caa3' with a negative outlook by Moody's.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



Latest News Video

Lack of District Nurses 'Adds Stress'
Lack of District Nurses 'Adds Stres...
April Accused's 'Fright and Fear'
April Accused's 'Fright and Fear'   
Hunt Firm on Out-of-Hours GP Plans
Hunt Firm on Out-of-Hours GP Plans  
Go Cruisin: Quirkiest Places Around Illinois
Go Cruisin: Quirkiest Places Around...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.23 0.02  0.15%
P $ 18.50 1.34  7.81%
PG $ 82.0901 3.39  4.31%
HPQ $ 24.42 0.44  1.77%
MSFT $ 34.04 0.11  0.32%
INTC $ 23.9265 0.12  0.51%
CRM $ 43.36 2.33  5.10%
FB $ 24.88 0.18  0.72%