Cyprus downgraded to junk status
Ratings agency Standard & Poor's has downgraded Cyprus further into junk status amid concerns that the country could default on its debts.
It said the two-notch downgrade to CCC+ is due to a "considerable and rising" risk that the country, one of the 17 EU countries that uses the euro, may default.
It also maintains its negative outlook on the country, meaning further downgrades are possible.
S&P said it went ahead with the downgrade because the Cypriot government is running out of money while uncertainty remains over the terms of a bailout it is trying to negotiate with international lenders to salvage its banks that are heavily exposed to debt-crushed Greece.