Moody's downgrades 2 Cypriot banks

AP - International ratings agency Moody's on Tuesday downgraded Cyprus' three most Greece-exposed commercial banks because of what it considers to be the small island nation's diminished ability to back them up.

Ratings agency Moody's on Wednesday downgraded its Cyprus government bond rating by two notches to Baa1 from A2, citing the eurozone member's weakening medium-term credit fundamentals and a blast which took out its main power station."The outlook is now negative. The rating agency has also downgraded Cyprus's short-term rating to P-2 from P-1," Moody's said.

Just over two years ago, we reported that "The Farce Is Complete: S&P Downgrades Moody's To BBB+ From A-2", or in other words, one rating agency downgraded another rating agency, with the following rationale: "While we believe it is likely that the new pleading standard will lead to an increase in litigation-related costs at Moody's and therefore poses an element of risk, whether the new pleading standard may increase the likelihood of successful litigation against Moody's will be determined in the

Ratings agency Moody's on Wednesday downgraded its Cyprus government bond rating by two notches to Baa1 from A2, citing the eurozone member's weakening medium-term credit fundamentals and a blast which took out its main power station."The outlook is now negative," Moody's said, adding that it had also reduced its forecasts for Cyprus's economic growth to 0 percent in 2011 and one percent in 2012.In February, Moody's had downgraded the bond rating by two notches to A2 from Aa3.

Ratings agency Moody's on Thursday downgraded its Cyprus government bond rating by two notches to A2 from Aa3, citing the eurozone member's weakening medium-term credit fundamentals."At A2, the rating outlook is stable. Today's rating action concludes the review for possible downgrade," the ratings agency said in a statement, ruling out the possibility of any other further ratings decrease in the near term.Moody's decision came as little surprise as it had placed Cyprus under surveillance last month.

International ratings agency Moody's downgraded euro member Cyprus into junk status Tuesday on heightened concerns over the exposure of its large banking sector to Greece.

International ratings agency Moody's downgraded euro member Cyprus into junk status Tuesday on heightened concerns over the exposure of its large banking sector to Greece.

Moody's credit ratings agency has driven Cyprus deeper into junk status with a two-notch downgrade to Ba3 over an increased likelihood that debt-crushed Greece will leave the eurozone.