S&P puts Cyprus on negative watch over fiscal concerns

ATHENS, July 21 (Reuters) - Standard and Poor's placed Cyprus on CreditWatch negative on Wednesday, saying it could cut its A+ sovereign rating within the next three to four months if the government failed to act to improve finances.

"The CreditWatch placement follows the legislative branch's rejection on July 9, 2010, of two of the government's proposals for increasing revenues," said Standard & Poor's credit analyst Trevor Cullinan.

He said he expected to resolve the CreditWatch status after parliament reconvenes in September and considers further measures to address growing economic pressures. (Writing by Ingrid Melander)