Fitch cuts Cyprus sovereign rating to B citing banking sector
NEW YORK Jan 25 (Reuters) - Fitch Ratings on Friday cut euro zone member Cyprus's sovereign credit rating to B from BB-minus citing the likelihood the government is going to have to put more financial support behind the country's ailing banking sector.
"Uncertainty regarding the capital needs of the cooperative banks remains. Including the latter, the total recapitalization costs of the banking sector could be up to 10 billion euros, although Fitch anticipates that this figure may include a degree of headroom," Fitch said in a statement.
The credit outlook on the government remains negative.
- Exclusive: Malaysia plane probe narrows on mid-air disintegration - source
- Radar showed missing plane may have turned back: Malaysia military
- Missing Malaysian jet may have disintegrated in mid-air: source |
- Malaysian plane presumed crashed; questions over false IDs |
- Merkel raps Putin as Russian forces tighten grip on Crimea |