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Fitch lowers Cyprus rating over Greece debt crisis
PARIS : Fitch Ratings agency on Tuesday downgraded Cyprus' rating by three notches, citing the effects of the debt crisi
PARIS: Fitch Ratings agency on Tuesday downgraded Cyprus' rating by three notches, citing the effects of the debt crisis in neighbouring Greece and warning it could downgrade further.
Fitch said the downgrade of the country's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) reflceted the severity of the Greek crisis.
"The downgrade reflects the severity of the crisis in neighbouring Greece and the risk this poses for the Cypriot banking system and consequently the public finances of Cyprus," said Chris Pryce, Director in Fitch's Sovereign Group.
Copyright AFP (Agence France-Presse), 2011
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