Fitch lowers Cyprus

Fitch Ratings said it has downgraded the Republic of Cyprus' long-term foreign and local currency issuer default rating to B from BB-.

The short-term issuer default rating has been affirmed at B, the agency said.

The outlook on the long-term issuer default ratings is negative.

Fitch said it has simultaneously affirmed the country ceiling for Cyprus at AAA.

The downgrade of Cyprus' sovereign ratings partially reflects the agency's view that the size of the government support to the banking sector is likely to be higher than previous Fitch estimates, which mainly focused on the three largest banks, the agency added.

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