NEW YORK Jan 25 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
"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.