Fitch cuts Cyprus credit rating two notches to BB-minus
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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