Posted by: youngragingbull | January 11, 2013

Moody’s cuts Cyprus credit rating

Moody’s Investors Service downgrades its bond rating on Cyprus to Caa3 from B3 on Thursday, pointing to the country’s rising debt burden driven by a need to recapitalize its banks.

“Moody’s believes there is a significantly increased likelihood that the Cypriot government may eventually default outright or press for a distressed exchange,” analysts wrote in a statement.

Moody’s maintained its negative outlook on the rating.

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