Fitch cuts Cyprus credit rating two notches to BB-minus

NEW YORK Wed Nov 21, 2012 12:57pm EST

NEW YORK Nov 21 (Reuters) - Fitch Ratings on Wednesday downgraded Cyprus by two notches and pushed it further into junk territory, assigning a BB-minus credit rating as it cited a materially weaker macroeconomic outlook for Cyprus.

The credit outlook remains negative, Fitch said in its statement.

Cyprus is currently trying to negotiate with foreign lenders on a bailout package, with sticking points over how much is needed to recapitalize Cypriot banks as well as on privatizations and pension cuts.

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