Fritch cut Cyprus to BB+ as banks may need 5.8 million Euros

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Source: Marketwatch
Fitch Ratings downgraded Cyprus from BBB- to BB+ and maintained negative outlook. The agency attributed its decision to high probability that banks will need essential fund injections as many financial institutions are exposed to Greek debts. Fitch expects that about 4 million euros will be necessary for the country's banks in addition to 1.8 million Euros needed to recapitalize Cyprus Popular Bank.

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