Topic: Global financial crisis
MOSCOW, October 18 (RIA Novosti)
- Cyprus May Seek Foreign Aid Equal to GDP
- Cyprus Asks Russia For 5 Bln Euro Loan
- Cyprus Seeks 10 Bln Euro Aid from Russia, China
- Moody’s Downgrades Cyprus Govt. Bond Ratings to Ba3 from Ba1
Standard & Poor's Ratings Services has lowered its long-term sovereign credit rating on the Republic of Cyprus to 'B' from 'BB', the ratings agency reported.
S&P has also affirmed its short-term sovereign credit rating on Cyprus at 'B'.
“The long-term rating remains on CreditWatch with negative implications, where it was initially placed on August 1, 2012,” the agency said in a press release on Wednesday.
“The downgrade reflects our view that Cyprus' creditworthiness has deteriorated since the last downgrade on August 2, 2012, as the government has not yet negotiated a support package, while external and fiscal risks have risen,” it said.
According to S&P, electoral considerations prior to the February 2013 presidential polls have contributed to policy inertia at a time when the country faces a banking crisis, in part triggered by the involvement of Cypriot banks in the restructuring of Greece’s debt in early 2012.
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The main event of the third day of the 11th meeting of the Valdai International Discussion Club in Sochi was the closing session with President Vladimir Putin. The atmosphere was calm and open, despite the current political tensions and the Russia-West confrontation. The Russian president said that it corresponded to the spirit of the Valdai Club.