Standard & Poor's downgrades Cyprus 2 notches to CCC+ over heightened risk of debt default

  • by: MENELAOS HADJICOSTIS , Associated Press
  • Updated: December 21, 2012 - 12:35 PM

NICOSIA, Cyprus - The Cyprus government has vowed to do what is needed to finalize a bailout agreement with international lenders after ratings agency Standard & Poor's downgraded Cyprus further into junk status amid concerns that the country could default on its debts.

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