S&P cuts Cyprus rating to CCC+

Standard and Poor's slashed Cyprus' credit rating Thursday by two notches to CCC+, saying the eurozone member was facing increasing financial pressure, with bailout negotiations still unfinished.


"With the government's financing options increasingly limited -- coupled with what we view as the hesitant attitude of Cyprus' eurozone partners toward sharing the cost of a severe banking crisis, we view the risk of a sovereign debt default as considerable and rising," the ratings agency said. (AFP)