TNBiz (TNBiz)
Markets  |  June 25, 2012 16:00:11

Fitch reduced the rating to BB + Cyprus


NICOSIA (MEDIAFAX) - Fitch Ratings cut the credit rating of Cyprus from the current BBB-to BB +. Informed the AFP on Monday, with the reduction in assessment is mainly concerned about the exposure of Cypriot Greek banks' toxic debts.

According to the agency itself is the greatest reduction in exposure assessment of Cypriot banks, namely Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank. In addition, this step Fitch also reflect an increase in the Cypriot capital needs of banks compared to original estimates.

"The negative outlook reflects mainly the risks associated with further worsening of the crisis in the euro area, especially the spread of disease from Greece," said agency.

David Vandrovec, vandrovec@mediafax.cz

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