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Cyprus Responds to Fitch Cut, Says Economy on ‘Solid Foundation’

Cyprus’s economy has a “solid foundation” and “excellent prospects,” the Finance Ministry said after Fitch Ratings downgraded the nation’s debt to the lowest level in its investment-grade structure.

“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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