UPDATE 1-Cyprus says EU bailout not a given, has financing

* Cyprus has met financing requirements at low rates-spox

* Unclear if financing covers cost of munitions blast

(Adds details)

NICOSIA, July 28 (Reuters) - Cyprus's government spokesman said on Thursday that an EU bailout to counter the impact of an energy crisis on the Mediterranean island should not be taken as a given.

"Until now Cyprus has managed to satisfy its financing needs until the end of the year. So don't take it as a given that Cyprus will be admitted into a support mechanism," government spokesman Stefanos Stefanou told reporters in response to a question.

Cyprus' cabinet tendered its resignation on Thursday, bowing to public and political pressure for a reshuffle after a massive munitions blast triggered an energy crisis.

Even before the blast on July 11, Cyprus' borrowing costs had been steadily climbing as Cypriot banks' exposure to Greek debt raised fears the euro zone minnow may become the fourth recipient of a euro zone bailout.

Moody's cut Cyprus's credit rating by two notches on Wednesday and warned another downgrade was possible. Cyprus's central bank governor, ECB Governing Council member Athanasios Orphanides, has also warned that Cyprus could require a bailout without urgent fiscal measures.

Damage assessment from the explosion range between 1 and 3 billion euros, an enormous amount for the island with a GDP of just 17.4 billion euros and annual budget spending of about 8 billion. Asked if Cyprus's financing could possibly cover the impact of the blast, Stefanou said: "That we will see."

Cyprus has asked for EU aid under its solidarity and structural funds scheme because of the explosion.

The yield on a 10-year government bond issued to international investors in February 2010 was bid at 9.5 percent on Thursday, unchanged from Wednesday. It has risen from 8.9 percent a week ago and around 6.20 percent in early May.

Cyprus is not a regular on international bond markets, though at those rates, it has been effectively shut out of that financing option. Until now it met its borrowing needs from domestic markets.

"We have met our financing needs until the end of the year at rates a lot lower," Stefanou said, referring to the yields.

(Writing by Michele Kambas, editing by Susan Fenton)