Cyprus-Forum.com

[CBBB]

NICOSIA, July 27 | Wed Jul 27, 2011 1:27am EDT

(Reuters) - Moody's Investors' Service downgraded Cyprus two notches to Baa1 on Tuesday, saying concerns about its fiscal position were amplified by the consequences of a massive blast that destroyed the island's largest power station on July 11.

Moody's said the island was on a negative outlook, with the risks to the Baa1 rating skewed to the downside.

(Writing by Michele Kambas; Editing by Kim Coghill)

http://www.reuters.com/article/2011/07/ ... 2N20110727

I wonder what Stavrakis will have to say about this!