DBRS gives Cyprus CCC

DBRS, Inc. said it has assigned long-term foreign and local currency issuer ratings for Cyprus at CCC with negative trends, and short-term foreign and local currency issuer ratings at R-5 with stable trends.

The ratings reflect DBRS' view that Cyprus' creditworthiness is impaired by (i) the deterioration in the country's economic and fiscal outlook, which DBRS believes could undermine the government's efforts to stabilize the public debt ratio, and (ii) the possibility that Cyprus' medium-term funding program could be constrained by the persistence of a large debt burden.

The negative trend on the long-term ratings reflects DBRS' view that macroeconomic stability has yet to be restored.

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