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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.

Moody’s cuts Cyprus rating on default risk

Moody’s cut Cyprus government bond credit rating by three notches to Caa3 from B3 due to an increase in government debt and issued a warning that the country had a 50 per cent chance of default.

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.

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.

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.

More junk from Standard & Poor’s

Standard & Poor’s has pushed Cyprus credit rating further into junk territory reflecting their view that its creditworthiness has deteriorated since the ratings agency’s downgrade on 2nd August.

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