Thursday, July 10, 2014





Moody's downgrades Cyprus deeper into junk


February 20. 2013 1:35AM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) International credit rating agency Moody's has driven Cyprus deeper into junk with a three notch downgrade to Caa3 over concerns that the country may ultimately default on its burgeoning debt level.


Moody's says more downgrades are possible for the country that is trying to finalize a bailout with international lenders to rescue its banks, which sustained massive losses on bad Greek debt and loans.


The agency said Thursday that an anticipated increase in the amount of money that Cypriot banks will need to recapitalize will push the country's debt to a point where it won't be able to pay it down.


The agency said that it believes that there is a significantly increased likelihood that Cyprus may default outright or seek for its debt to be written down.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds