Moody’s has reduced the credit rating of Cyprus from Baa3 to Ba1 with a negative forecast, BBC reports.
The rating adjustment was caused by higher risk that the government may need to increase financial support of national banks affected by the Greek economy.
Moody’s reduced the Cyprus’ rating from Baa1 to Baa3 in November 2011.
Fitch reduced the rating of Cyprus to BBB- in February, Standard & Poor’s to BB+.
