Cyprus fiscal woes deepen as Moody’s downgrades
Moody's, a ratings agency, on Wednesday cut Cyprus's credit rating by two notches amid concerns over the sustainability of the country's public finances, which has prompted the Cypriot government to resign.
The rating agency downgraded Cyprus's long-term credit rating from A2 to Baa1, three notches above junk status. It said ongoing concerns about Cyprus's fiscal position, owing to an energy crisis and the "increasingly fractious" domestic political climate motivated the downgrade. The rating
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