Moody's lowers Cyprus's country ceilings to Caa2

28.03.2013 12:06
Moody's lowers Cyprus's country ceilings to Caa2

YEREVAN, March 28. /ARKA/. Moody's Investors Service announced yesterday that it has lowered Cyprus’s country ceilings to Caa2, RBC reported.

The main reason is risks of Cyprus leaving the Euro zone, which, according to Moody’s experts, may even increase after the restructuring of the country’s major banks.

Cyprus’s possible withdrawal from the Euro zone may lead to serious losses for investors and cause damage to the country’s banking system and the economy as a whole, the experts said.

Cyprus’s credit ceiling reflects risks for Cypriot enterprises and investors. The country’s current sovereign rating, Caa3 with negative outlook, remains unchanged for the time being.  –0--

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