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cyprus downgrade

S&P's Cuts Cyprus Sovereign Credit One Notch to BBB

standard&poors cyprusStandard & Poor's Rating Services has cut Cyprus' long-term sovereign credit rating by one notch to BBB from BBB+ and the short-term rating to A-3 from A-2.

The main reasons for the downgrade are the island's exposure to Greek debt and the potential for a further devaluation of Greece's sovereign bonds.

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Poll

What do you think about the new laws tightening bank foreclosures?
It's about time, people have to pay their debts.
79%
They're a terrible burden in this recession.
10%
Don't have enough information to judge.
12%
Total votes: 42