YEREVAN, January 11. /ARKA/. Moody’s downgraded Cyprus's government bond rating Thursday by three notches from B3 to Caa3, citing the anticipated increase in the government's debt burden, The Economic Times reported referring to the agency’s statement.

The downgrade to middle-range junk bond status was driven by the further increase in the amount of government support that Cypriot banks are likely to require. Cyprus's banks face rising delinquencies on loans to Greek and Cypriot customers.

"Given that the resulting increase in the debt burden is likely to be unsustainable, Moody's believes there is a significantly increased likelihood that the Cypriot government may eventually default outright or press for a distressed exchange," Moody's said.

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Moody’s on Wednesday downgraded the outlook for 17 German banks after a similar move

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Moody’s has downgraded two Cyprus banks citing their large exposure to a possible Greek exit from the eurozone

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Moody’s Investors service international ratings agency leaves Armeconombank’s ratings unchanged.

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