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S&P knocks Cyprus down to 'selective default'


June 28. 2013 3:40PM
Associated Press

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(AP) Standard & Poor's has lowered its credit rating on Cyprus, knocking the debt-stricken island country from the lower rungs of junk status into "selective default" because of an announced debt exchange.


The Cypriot government is swapping some local bonds for longer-term bonds. Though that eases some of the immediate liquidity pressure on Cyprus, the S&P analysts said they thought the new bonds were on "less favorable terms" for Cyprus than the existing bonds and that it was a "distressed exchange."


Cyprus agreed to a 23 billion euro ($30 billion) bailout deal in March with its eurozone partners and the IMF.


The S&P analysts said they could raise their rating on Cyprus back up into junk status if the exchange goes through as planned.


Associated Press


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