FXstreet.com (Cordoba) - Fitch Ratings has lowered the rating of Cyprus at a level to 'B-' from 'B', maintaining a negative Outlook because of the high economic uncertainty in the country.
The rating agency had placed Cyprus under negative surveillance in March. With this decision, Fitch pushed Cyprus further into territory 'junk', now 6 levels below the level of investment.
"Cyprus does not have the flexibility to deal with internal or external shocks, and there is a high risk of that programme (EU/IMF) out of track, with financial cushions potentially insufficient to absorb this fiscal and economic derailment".
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