Spain and Cyprus downgraded by Moody's

Source: Bloomberg
European outlook worsened on Wednesday when Moody's Investors Service downgraded Spain and Cyprus. Moody's reduced Spanish rating by 3 notches from A3 to Baa3 citing country's surging debt. Ratings agency also cut ratings of Cyprus from Ba1 to Ba3 claiming the impact of Greek exit on the neighbour country. 

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