Banking, finance, and taxes
No Surprise: Cyprus Debt Ratings Under Review
Published:
Last Updated:
Here’s what Fitch had to say about Cypriot debt ratings:
The [ratings watch] reflects Fitch’s opinion that the shock resulting from the systemic failure of Cyprus’s banking system will have profound negative implications for the domestic economy, which heightens the risk to public finances.
And as for the cap on any Cyprus-based debt issuance:
Fitch had previously assigned the eurozone common Country Ceiling (‘AAA’) to Cyprus reflecting the prohibition within the currency union on restrictions on cross-border movement of capital. However, the closure of all Cypriot banks last week, along with the likely continuation of deposit transfer restrictions this week represents a de facto imposition of capital controls in Cyprus.
Anyone who is surprised by this has not been paying attention.
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.