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Greek Cyprus says Fitch’ downgrade ‘inevitable’
Fitch put Greek Cyprus on notice in January for a possible downgrade, but noted it did not expect the AA minus rating to be lowered by more than one notch. Last month, Moody’s cut its rating on Greek Cypriot government bonds by two notches with a stable outlook amid concerns over public accounts and the financial system’s exposure to debt-ridden Greece. S&P cut its grade by one notch with a negative outlook last November over similar concerns.
Charilaos Stavrakis said that rating agencies “usually follow one another” and that currently Fitch has Greek Cyprus at a higher rating than the other two agencies. “The aim is to stabilize the situation so that there are no further downgrades, to improve public finances, resolve the economy’s structural problems and to reduce the cost of borrowing and reassure the agencies and foreign investors,” Stavrakis said.
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