Moody's downgrades Cyprus on Greek euro exit fears

The Associated Press

NICOSIA, Cyprus (AP) — Moody's credit ratings agency has driven Cyprus deeper into junk status with a two-notch downgrade to Ba3 over an increased likelihood that debt-crushed Greece will leave the eurozone.

Moody's said in a statement Wednesday that it has placed Cyprus' rating on review for further possible downgrade.

It says that a Greek euro exit would likely raise the amount of money that the government may need to support its heavily Greece-exposed banking sector.

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June 13, 2012