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Reports written by Alan Lawton

PIMCO delivers final report

The Central Bank of Cyprus has announced that the US investment consultancy firm PIMCO has delivered its final report on the due diligence review of the Cypriot financial sector.

Fitch downgrades Cypriot covered bonds

Following yesterday’s storming of the Bank of Cyprus by angry investors who claim they were mis-sold high-yield bonds, Fitch Ratings has downgraded the covered bonds of the Bank of Cyprus and the Cyprus Popular Bank.

Fitch cuts Cyprus sovereign credit rating to ‘B’

Ratings agency Fitch has downgraded the Republic of Cyprus’ sovereign credit rating two notches on its belief that it may cost the government more to bailout the island’s banking sector than previously anticipated.

Moody’s downgrade piles on the junk

Moody’s Investor Service has downgraded Cyprus’ top three banks citing uncertainty over the country’s bailout talks with international creditors, bringing them closer to the bottom of junk status.

More junk piled on Cyprus by Standard & Poor’s

Standard & Poor’s Ratings Services pushed Cyprus further into junk territory by lowering its long and short-term sovereign credit ratings by two notches to CCC+. The outlook is negative.

Nonperforming loans at €23 billion

Confidential information from the Central Bank released by StockWatch today puts the level of non-performing loans of the domestic banks at €23 billion requiring several billions more to recapitalise them.

Fitch downgrades Cypriot covered bonds

Following its downgrade of three of the island’s banks last Friday, ratings agency Fitch has today downgraded the Bank of Cyprus and the Cyprus Popular Bank’s covered bond ratings.

Fitch piles more junk on the banks

Following Fitch Ratings downgrade of Cyprus sovereign credit rating on Wednesday, it has pushed the islands top three banks further into junk territory and believes that the failure of the Bank of Cyprus and the Cyprus Popular Bank “is imminent”.

Two notch downgrade from Fitch

Credit ratings agency Fitch has cut the island’s credit rating by two notches with the possibility of a further downgrade citing a fiscal budget that has significantly underperformed expectations.

Two day construction worker strike

Construction workers plan a two day strike starting tomorrow (Thursday) blaming their employers for what they claim is their refusal to enter into a dialogue on renewing collective agreements.

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