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URGENT ¥¥¥ S&P cuts Cyprus rating one notch to 'CCC'

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(Globalpost/GlobalPost)

Ratings firm Standard & Poor's cut Cyprus' sovereign credit rating by one notch to 'CCC' and said the outlook was negative, citing "acute problems" in Cyprus's banking sector.

"We believe that risks of a sovereign default are rising," said S&P in a statement.

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http://www.globalpost.com/dispatch/news/afp/130321/urgent-sp-cuts-cyprus-rating-one-notch-ccc