Moody's places Cyprus on review for downgrade
Ratings agency Moody's has placed Cyprus on review for a possible downgrade citing the slow pace of negotiations with the Troika and evidence that the Cyprus budget deficit will be significantly larger than expected.
US ratings agency Fitch has downgraded Cyprus to ``junk'' status, prompted by the amount of rescue money that would be needed to bail out its banks, which are heavily exposed to the Greek economy.