Cyprus Responds to Fitch Cut, Says Economy on ‘Solid Foundation’
“The ministry, in collaboration with the Central Bank of Cyprus, is systematically monitoring management of the challenges to the financial system,” the Nicosia-based ministry said in an e-mailed statement today.
Fitch cut Cyprus’s sovereign credit rating by one level to ‘BBB-’ from ‘BBB’ yesterday and maintained a negative outlook, citing large capital needs of Cypriot banks after a restructuring of Greek debt.
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