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Monday, 26 July 2021

Fitch cuts Cyprus rating on fiscal slippages

Cyprus may need a bailout, says Fitch, as it drops the country's credit rating two notches

Reuters, Wednesday 10 Aug 2011

Fitch cut Cyprus' credit rating by two notches to BBB on Wednesday due to fiscal slippages, saying the island state was likely to require a bailout to meet its funding needs.

"The two-notch downgrade of Cyprus's ratings to 'BBB' reflects the actual and anticipated fiscal slippage, compounded by Fitch's expectation that the sovereign will be unable to access the international debt markets in order to refinance an increasing debt maturity profile in H211 and H112," Fitch said in a statement.

The other two main rating agencies, Standard & Poor's and Moody's, both cut the island's rating at the end of July. Moody's rates Cyprus Baa1, Standard and Poor's BBB-plus.

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