Fitch cuts Cyprus

Fitch Ratings said it downgraded the Republic of Cyprus' long-term foreign- and local-currency issuer default ratings to BBB from A-. The outlook on the long-term issuer default ratings is negative.

Fitch downgraded the short-term foreign-currency issuer default rating to F3 from F1.

The downgrade of Cyprus' ratings reflects the actual and anticipated fiscal slippage, compounded by the expectation that the sovereign will be unable to access the international debt markets in order to refinance an increasing debt maturity profile in H211 and H112, the agency said.

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